Bankdhofar’s Rating Upgraded

Credit rating agency, Capital Intelligence (CI), brought good news to BankDhofar recently when it affirmed the financial strength rating of the bank. The bank’s financial strength rating has been upgraded to a ‘BBB+’ standard from a ‘BBB’ standard.

In its announcement, CI said that the change in the outlook was underpinned by the bank’s improved asset quality, its sound capital adequacy and its good overall operating profitability.

Tony Mahoney, CEO, BankDhofar, was very pleased with this affirmation by CI. “This is a very significant achievement for us. We have presented solid financials for this year and we forecast an even stronger year ahead due to the upturn in economic activity in Oman.-

The bank’s long-term and short-term foreign currency ratings are maintained at ‘BBB+’ and A2 respectively, with a support rating of 3. Key profitability indicators for the bank are strong with it being well capitalised and liquidity ratios remaining at good levels.

With assets worth around RO2.04 billion BankDhofar, is ranked number 1, as the “Best Bank in Oman 2011- by the Oman Economic Review-Gulf Baader Capital Markets, Business Today’s ‘Banks & NBFCs’ survey conducted by Ernst & Young and “Best Bank in Oman- by the pre-eminent international finance magazine Euromoney.

BankDhofar has a strong presence in corporate banking, consumer banking, treasury and project finance. The bank has a network of 60 branches and 140 ATMs.

Timesofoman