Business Services Industry
MOODY'S UPGRADES NATIONAL BANK OF ABU DHABI'S FINANCIAL STRENGTH RATING
Info-Prod Research (Middle East), September, 2003
Moody's Investors Service has upgraded to C from C- the financial strength rating (FSR) of National Bank of Abu Dhabi (NBAD). The outlook on the FSR is stable. The FSR upgrade is based on the bank's improving financial fundamentals with increasing earning power, a satisfactory asset quality and an adequate capital position. Management's increased focus on the level and quality of earnings has resulted in a significant improvement in NBAD's earning power during the last few years, says Moody's.
Although NBAD's interest margins remained almost unchanged during this period, the marked improvement in pre-provision profitability mainly reflects the significant increase in fee and commission income, in line with the bank's revenue diversification policy. Furthermore, a contained...
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