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Capital Intelligence ups Mashreqbank rating
ABU DHABI — Capital Intelligence has raised the foreign currency long-term rating and the financial strength rating of Mashreqbank to A (Single A), from A- (single A minus).
The short-term rating is unchanged at A2 and the credit rating agency has assigned a stable outlook to the bank.
The ratings upgrade reflects the continuing improvement in asset quality and profitability, and the bank’s on-going efforts to diversify its business.
The quality of Mashreqbank’s ownership is good, as Al Ghurairs are wealthy and influential businessmen who have successfully steered the bank through its 38-year history.
The bank’s strategies focus on the diversification of income, business and funding. Strong risk management practices have strengthened its asset quality over the years. The few bad debts in the credit book are more than adequately provisioned.
The bank has consistently maintained a high level of capitalisation. Mashreqbank has a more diversified customer deposit base than many of its peers. Its innovative products and services have also helped to develop a core, stable, retail customer deposit base. Maturity mismatches have narrowed owing to medium-term funds raised over the last few years.
The bank is extremely profitable owing to robust interest and non-interest earnings, multiple revenue streams, and good cost control. Mashreqbank is well poised to benefit from the current economic boom.
The bank’s wide product range, good technology base and strong marketing skills should help it to comfortably retain its competitive edge. Its performance in the current year has been exceptional.
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