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Moody’s upgrades ADIB’s BCA to 'baa3'; affirms long-term issuer ratings

Moody’s upgrades ADIB’s BCA to 'baa3'; affirms long-term issuer ratings
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Abu Dhabi – Mubasher: Global rating agency Moody's has upgraded the Baseline Credit Assessment (BCA) and Adjusted BCA of Abu Dhabi Islamic Bank (ADIB) to 'baa3' from 'ba1'.

Moody's affirmed ADIB’s local and foreign currency long-term issuer ratings with a stable outlook, according to a press release.

The rating agency also maintained the bank’s short-term issuer ratings at Prime-1.

The affirmation of ADIB's ratings is an indicator of Moody's recognition of the bank's role within the local banking sector, which is supported by governmental intervention during economic challenges.

Mohamed Abdelbary, Acting Group CEO at ADIB, said: "Moody's affirmation of our ratings and the upgrade to our Baseline Credit Assessment underscores the robust financial position and resilience of ADIB.”

"This recognition highlights our strong capital base and unwavering commitment to navigate dynamic market landscapes. ADIB's leadership in the Islamic finance sector is a result of our dedication to providing innovative Sharia-compliant banking solutions and superior financial services," Abdelbary added.

ADIB recorded an annual surge of 45% in net profit to AED 5.25 billion in the 12-month period that ended on 31 December 2023, against AED 3.61 billion the year before.