For the third consecutive year, S&P retains SABB’s rating as A/STABLE/A-1 with a stable outlook.
“The ratings on SABB reflect its solid revenue-generating capability derived from its good market position, technical and human resources, supportive capitalization, funding and liquidity profile,” according to S&P’s report,
“SABB posted a resilient financial performance in 2010, thanks to good cost control, low cost of funding, only gradual provisioning efforts, and focus on growing non-interest revenues,” the report added.
“The bank’s good revenue generating capability will likely remain a rating strength,” it said.
“The stable outlook reflects expectation that SABB will maintain its solid earnings stream and favorable market position, while continuing to benefit from HSBC’s technical support,” S&P added.
Commenting on the affirmation, SABB Managing Director David Dew said: “We are pleased with S&P’s rating affirmation and the stable outlook. It is an indication of SABB’s prudent risk management and the scale and diversity of our operations, which have enabled the bank to deliver sound and strong performance.”
