Fitch Ratings has affirmed Ahli Bank’s long-term Issuer Default Rating (IDR) at ‘A-’ with a ‘stable outlook’. Fitch has also confirmed a ‘BBB-’ rating in respect of the bank’s financial strength and ‘F2’ for its short-term IDR. In issuing its credit rating, Fitch particularly cited Ahli Bank’s solid profitability, satisfactory liquidity, sound capitalisation as well as the strong support by Qatar’s sovereign authorities.
“A sharp reduction in loan impairments increased profitability in 2012 and an increase in business volumes in the last two months of 2012 and Q1, 2013 boosted the Q1, 2013 profitability,” Fitch noted.
Ahli Bank CEO Salah Murad (pictured) said, “Affirming our rating is a clear “thumbs up” to the bank’s clear business direction, and reflects our strong credit fundamentals and the support of shareholders and customers. We are committed to a prudent and acceptable risk management framework while playing a supportive role to the local economy.”