SABB gets Fitch ratings boost
Riyadh, December 18, 2013
Fitch Ratings, a leading rating agency, has affirmed the Saudi British Bank’s (SABB) long term credit rating at “A” with a stable outlook.
The ratings affirmation and outlook revision reflects SABB’s financial strength, consistent strong profitability and earnings generation, and comfortable liquidity, said Fitch in a statement.
The ratings also consider the Saudi lender's strong franchise and the advantages of being an associate bank of HSBC Group, it said.
Fitch’s Viability Rating (VR) on SABB of ‘A’ is among the top viability ratings of Saudi banks rated by Fitch, it added.
Commenting on the rating, David Dew, managing director of SABB, said: “We are pleased with the Fitch rating confirmation and the outlook revision to stable. It is an indication of SABB’s ongoing prudent risk management and the scale and diversity of our operations, which have enabled the bank to deliver strong financial results”.
For the first nine months, SABB had recorded a net profit of SR2,798 million ($761.7 million), up 15.4 per cent compared to the same period last year.
Fitch attributed the increase to SABB's diversified income streams, ongoing cost controls and emphasis on booking quality assets while maintaining strong capital and liquidity ratios. - TradeArabia News Service