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Fitch Affirms Commercial Bank of Dubai’s IDR at 'A-'; Outlook Stable

Fitch Affirms Commercial Bank of Dubai’s IDR at 'A-'; Outlook Stable
The bank’s short-term IDR has been confirmed at 'F2'
CBD
CBD
-3.66% 3.95 -0.15

Dubai - Mubasher: Fitch Ratings has maintained Commercial Bank of Dubai’s (CBD) long-term issuer default rating (IDR) at 'A-' with a stable outlook.

The American credit rating agency also affirmed CBD’s viability rating (VR) at 'bb+', according to a press release.

The bank’s short-term IDR has been confirmed at 'F2', while its senior unsecured notes have been affirmed at 'A-'/'F2', Fitch Rating said.

Moreover, the agency has affirmed the bank’s support rating (SR) at '1' and support rating floor (SRF) at 'A-'.

CBD, listed on the Dubai Financial Market (DFM), previously posted a 21.6% year-on-year increase in net profit for the first quarter of 2019, recording AED 340 million from AED 280 million in Q1-18.

The bank’s revenues stood at AED 774 million during the three-month period ended 31 March 2019, versus AED 658 million in Q1-18.