To support the economy, the government has intervened in credit allocation and set low lending rates on selected facilities for labor-intensive sectors. The financial system has played a central role to support growth in a context of relative isolation. The performance of banking stocks is underpinned by the public’s perception that banks are blue chip companies that pay reliable dividends and benefit from implicit government backing.Ģ. The seven largest private banks are listed on the stock exchange and count among the most actively traded stocks. Mutual funds are gaining prominence as a means to encourage secondary market activity. Iran’s equity markets have become viable channels of finance for the real economy. Private bank assets have become the largest in the system following the privatization of large public commercial banks in 2008-09. A significant deepening of bank intermediation occurred in the past decade, spurred by the licensing of private banks. Iran’s financial system, the largest Islamic financial system in the world, has undergone major transformations. Driven by the growth of its wholesale and Islamic banking businesses, and an increase in customer deposits, CBI's first half net profit increased to AED 68.7 million.1. In-spite of a challenging macro-economic environment, CBI has performed well throughout 2016. The substantial business support extended by its major shareholder, QNB, as well as the Bank's strong fee and commission income base are other factors supporting the rating upgrade.'Īdditionally, the Financial Strength Rating of CBI has been upgraded to 'BBB-' from 'BB' with a 'Stable' outlook The rating upgrade to 'A-' by Capital Intelligence Ratings, in conjunction with Fitch Ratings' 'A-' earlier in the year, are a testament to not only the success of our strategy to-date, but also to the bank's robust fundamentals.'Īccording to CI, CBI 'is well-placed to grow its business by leveraging its close connections with Qatar National Bank (QNB) and is therefore in an advantageous position in the domestic market vis-à-vis other banks of similar size. Mark Robinson, Chief Executive Officer of CBI, said: 'Over the past year, CBI has focused on strengthening its balance sheet by divesting non-core assets and reducing non-performing loans. The rating upgrade was driven by CBI's continuously improving asset quality and robust capital position, in addition to the strong backing it receives from its largest shareholder, Qatar National BankĬBI's improved rating follows the investment grade rating it received earlier this year from Fitch Ratings, which assigned the Dubai-based bank a long-term issuer default rating of 'A-'. CBI's Short-Term Foreign Currency Rating was also upgraded to 'A3' from 'B'. The Long-Term Foreign Currency Rating of the UAE's Commercial Bank International (CBI) has been upgraded by five rating tiers to 'A-' from 'BB', by Capital Intelligence Ratings (CI), the international credit rating agency. Financial Strength Rating upgraded to BBB.Long- and Short-Term Foreign Currency Ratings are raised to 'A-' and 'A3'.CBI's Long Term Foreign Currency Rating Upgraded to 'A-' By Capital Intelligence Ratings
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