Ratings boost for ABG’s Sudan unit

12/01/2016 08:08 AST

Bahrain-based Al Baraka Banking Group (ABG) yesterday announced Islamic International Rating Agency (IIRA) has assigned national scale investment grade credit rating of “A- (SD)/A-2 (SD)” to Al Baraka Bank Sudan (ABBS), its majority owned subsidiary in Sudan operating since 1984.

Outlook on the assigned rating is stable.
The ratings have acknowledged ABBS’s strong asset growth and favourable diversified retail deposit base most of which comprise of current accounts, and its strong franchise and overall conservative business approach.

IIRA observed ABBS maintains sizeable liquid reserves, with solid liquidity and that asset quality indicators have improved and are better than the banking sector average.

The capital ratio of ABBS is strong and higher than the minimum required and the average of the banking industry in Sudan and scope exists for further growth.

The bank achieved a general improvement in profitability, driven by consistent increase in gross revenue supported by low cost of deposit funding.

The rating has taken into account various economic and financial challenges faced by banks in Sudan.

ABG president and chief executive and ABBS chairman Adnan Ahmed Yousif said the rating was a milestone for ABBS and represented an endorsement of “good performance despite challenging conditions, in addition to meeting the high standards of Sharia compliance and corporate governance”.


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