Abu Dhabi-Mubasher: Standard & Poor's Ratings (S&P) set its long- and short-term counterparty credit ratings on First Gulf Bank (FGB) at 'A/A-1', with “Stable” outlook, according to a recent report on Tuesday.
The agency confirmed strength of the UAE's economy and its high income levels.
The bank’s rating reflects the stability of banking sector amid expectations of achieving good profits in the coming period despite lower oil prices.
S&P expected the country’s real estate prices to see a degree of correction in the next 12-18 months.
The UAE’s economy is not affected by the oil price drop compared its peers, backed by the country’s policy of economic diversification, according to S&P.
FGB posted profit growth of 11% to AED 1.72 billion ($468 million) in the fourth quarter of 2015, compared to AED 1.55 billion ($422 million) in the same quarter of 2014.
In the fiscal year ended 31 December 2015/16, profits rose 6% to AED 6.01 billion from AED 5.66 billion in the fiscal year 2014/15.
