Mubasher: Fitch Ratings has affirmed Doha Bank's long-term issuer default rating (IDR) at “A” with a stable outlook.

The international rating agency has also maintained the Qatari lender’s viability rating at “bb+”, according to Doha Bank’s statement to the Qatar Stock Exchange (QSE) on Tuesday.

The Qatari lender’s IDRs, support rating (SR) and support rating floor (SRF) reflect Fitch's projection that the GCC nation will likely support the local banking sector in case of need.

 “The bank has become strong over the years with total capital adequacy ratio at 17% as of 31 December 2018, through the strategic utilisation of the shareholder's funds,” Doha Bank Group CEO R. Seetharaman said.

Doha Bank’s net profits dropped 25.2% to QAR 830.2 million during the full year 2018, against QAR 1.11 billion in the prior year.

Earlier in March, the Qatari bank’s ordinary general meeting (OGM) approved distributing cash dividends of 10%, or QAR 1 per share, for 2018.

By 10:49 am Qatar time, Doha Bank’s stock inched up 0.10% at QAR 19.30.