Dubai Bank rated 'A' with Stable Outlook by Fitch

Fitch Ratings has recently assigned Dubai Bank Long-term Issuer Default rating (IDR) 'A' with a Stable Outlook, Short-term IDR 'F1', Support rating '1' and Support Rating Floor 'A'.

Dubai Bank's Chairman, Mohammed Al Shaibani, stated that the bank has continued its rapid progress by registering exponential growth without impairing asset-quality and liquidity parameters and the rating endorses the success of the bank's vision and strategy.
Based on this, significant progress has been made with respect to bringing innovative Shari'a compliant products to cater to a wide range of customers in retail, corporate and institutional banking arenas. The products and services are offered through the bank's various delivery channels while conforming to high quality standards in the bank's services. All these factors contributed to the exponential growth in business and profits.

Chief Executive Officer Abdulaziz Al Muhairi highlighted that while aggressive growth is being pursued against the backdrop of a benign business environment, the bank's corporate governance and its risk management framework both remain robust enough to underwrite only high quality assets which have the wherewithal to retain their performance, even under more stressed economic circumstances.

As Fitch Ratings stated while assessing the bank, the asset quality of Dubai Bank is good, reflecting best practices in risk management which the bank currently has and continues to implement. (WAM)