Mubasher: Bahrain-based Islamic International Rating Agency (IIRA) assigned national scale investment grade credit ratings of 'A- (SD)/A-2 (SD)' (A Minus/A Two) to Al Baraka Bank Sudan (ABBS), with ‘Stable’ outlook, announced Al Baraka Banking Group (ABG).
ABBS is the group’s majority owned subsidiary in Sudan operating since 1984.
The ratings have acknowledged ABBS' strong asset growth and favorable diversified retail deposit base most of which comprise of current accounts, and its strong franchise and overall conservative business approach. IIRA observed that ABBS maintains sizable 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.
