RIYADH, 21 June 2006 — Standard & Poor’s Ratings Services has assigned Arab National Bank (ANB) a long-term counterparty credit rating of “A”, according to Dr. Robert Eid, ANB chief executive officer.
“This is the highest assigned to any bank in the region,” Eid said yesterday.
He said S&P’s ratings on ANB reflect the bank’s strong financial performance, robust asset quality, satisfactory liquidity and strong profitability resulting from increase of business volumes, efficiency gains and the rise of non-interest revenues.
“This ratings action is a reflection of the strong financial performance of the bank and its presence in the Saudi market,” he said.
Eid said: “The rating reflects the confidence ANB enjoy in the regional and international banking community.”
He added that the bank posted a $166 million for the first quarter of 2006, up 71 percent compared to the same period last year.