CI also affirmed Commercial Bank International's standalone rating at ‘bbb-’, core financial strength rating at ‘bb’, and extraordinary support level at ‘High’
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By Staff Writer, Mubasher
Abu Dhabi – Capital Intelligence Ratings (CI) has affirmed the long- and short-term foreign currency ratings of the Commercial Bank International (CBI) at ‘BBB+’ and ‘A2’, respectively.
CI also affirmed the lender’s bank standalone rating (BSR) at ‘bbb-’, core financial strength (CFS) rating at ‘bb’, and extraordinary support level (ESL) at ‘High’. The outlook for all ratings remained ‘Stable’, according to a press release on Thursday.
CBI is primarily a corporate banking institution focusing on lending to top quality, large corporates, while its mainly liabilities-led retail banking activities remain focused on mass affluent and wealthy customers, CI added.
The stable outlook reflected CI’s expectation that the ratings will not likely change over the coming 12 months.
The financial results of the bank during the second half (H2) of 2021 are forecast to be better, with expectation that main parameters would revert to the historical average over a reasonable period.
The COVID-19 pandemic has affected CBI’s “financial position and weakened its profitability metrics substantially in H1-21,” according to CI.
In H1-21, the lender posted net profits attributable to the owners of AED 68.232 million.
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