Dubai – Mubasher: Moody's Investors Service (Moody's) has affirmed the A3 long-term foreign and local currency deposit ratings and A3 senior unsecured rating of Emirates NBD, changing the outlook to stable from negative.

Moody's has also affirmed the bank's baseline credit assessment (BCA) and adjusted BCA at ba1, according to a recent press release.

Affirming the BCA rating shows Moody's expectations that the bank will keep strong profitability and solid capitalisation, funding, and liquidity over the next 12-18 months, driven by its strong domestic and diversified franchise.

In addition, the global rating agency has predicted that the bank would see more resilient profitability than the other banks because of its strong ties with the Dubai government and large corporates, large retail franchise, and geographical diversification.

Meanwhile, the stable outlook reflects Moody's assessment that the bank will resume its strong profitability to the pre-pandemic levels by 2022.

It is noteworthy to mention that during the first half (H1) of 2021, the bank's net profits attributable to the equity holders increased to AED 4.78 billion from AED 4.087 billion in the year-ago period.