"Fitch" Grants the investment bank its first long-term issuer credit rating at… "BBB+"

Sharjah, July 20 / WAM / Investment Bank PJSC (INB) announced today that Fitch Rating Agency has granted it a long-term issuer rating (IDR) at the level of “BBB+” with a stable outlook and has also granted it a government support rating (GSR) at the level of “bbb+”. Thus, the bank acquires an investment grade credit rating for the long-term issuer rating.

This classification represents an important milestone in the Investment Bank’s ongoing transformation process and is an independent acknowledgment of the progress the bank has made in strengthening its financial position, re-establishing its business and strengthening its position in a way that supports achieving sustainable growth in the long term.

According to Fitch, the investment bank’s long-term issuer rating is based on expectations of government support, in addition to the bank’s enjoyment of adequate capital levels, good liquidity coverage, and continuous improvement in its financial performance. The stable future outlook also reflects the agency’s expectations that the bank will continue implementing its strategy while maintaining appropriate levels of capital and liquidity that support its future growth.

This classification comes in the wake of a transformation program implemented by the bank, which extended over several years, with the aim of strengthening its balance sheet, developing governance and risk management frameworks, improving operational performance, and repositioning itself to support achieving sustainable growth in the long term.

The bank also returned to profitability in 2025 following its restructuring process and has continued to build on this momentum through the disciplined implementation of its strategy and a clear focus on its priorities.

Fitch indicated continued improvement in the bank’s operational performance, including the growth of net interest income, the availability of sufficient levels of provision coverage, and its enjoyment of a strong capital base. It highlighted the strength of its liquidity position and expected a continued decline in the accumulated non-performing assets from previous periods in the medium term, with the continued implementation of the ongoing transformation program.

Fitch acknowledged that the investment bank is still operating within a relatively limited local market share and is continuing its rebuilding process, but it praised the progress it has made in enhancing its financial flexibility and implementing its long-term strategy, which reflects the success of the efforts made to consolidate the foundations of sustainable growth and enhance the strength of its business.

Idris Al-Rafi, CEO of the Investment Bank, said that obtaining the first investment grade credit rating from Fitch represents a turning point in the bank’s journey and an important evidence of the progress it has achieved over the past years, and that this rating reflects the commitment of its work teams, the continued support of shareholders, and the firm focus on the disciplined implementation of its strategy.

He added: “We have worked thoughtfully to strengthen our balance sheet by purposefully diversifying our business and accelerating the pace of digital transformation, which we consider to be an important step on the road and not the final destination. Our priority will remain achieving long-term sustainable value for all stakeholders, including our customers, employees, regulators, and the communities we serve, while continuing to build a stronger, more flexible, and more competitive bank.”

The investment grade credit rating contributes to strengthening the bank’s position within the banking sector in the UAE and is expected to support its interaction with investors, peer institutions and financing markets.

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