Abu Dhabi – Mubasher: Fitch Ratings announced it has affirmed the long-term issuer default rating (IDR) of Sharjah Islamic Bank (SIB), listed on the Abu Dhabi Securities Exchange (ADX), at 'BBB+' with a stable outlook.
The American credit rating agency has also maintained the bank’s viability rating (VR) at 'bb+' and its short-term IDR at 'F2', according to a press release.
The bank’s support rating (SR) has been affirmed at '2' and support rating floor (SRF) has been confirmed as well at 'BBB+', the New York-based agency said.
Fitch has also affirmed the bank’s senior unsecured notes issued under its trust certificate issuance programme through SPV SIB Sukuk Company III Limited, SIB’s wholly-owned subsidiary, at 'BBB+'.
In April, Sharjah Islamic Bank said it logged AED 151.7 million in net profit for the first quarter of 2019, up 6% year-on-year from AED 143.1 million.
It is worth noting that the bank’s total assets stood at AED 42.8 billion at the end of March 2019.
