Dubai's Emirates NBD will see profitability returning to pre-pandemic levels by 2022 | ZAWYA MENA Edition
Moody's Investors Service expects the profitability of Dubai’s Emirates NBD to be more resilient than its peers, reflecting the benefits from the bank's strong ties with the Dubai government and large corporates, large retail franchise, geographical diversification in the region and large scale operations.
Moody’s has changed the outlook on long-term bank deposit and senior unsecured ratings of Dubai-based lender Emirates NBD to stable from negative. The stable outlook balances the rating agency's assessment that Emirates NBD will restore its strong profitability to the pre-pandemic levels by 2022.
The ratings agency also affirmed the A3 long-term foreign and local currency deposit ratings and A3 senior unsecured rating of Emirates NBD, and (P)A3 backed senior unsecured MTN programme foreign currency rating assigned to the funding vehicle EIB Sukuk Company Ltd.
It also affirmed the ENBD's Baseline Credit Assessment (BCA) and Adjusted BCA at ba1. At the same time, the rating agency also changed the outlook on long-term bank deposit and senior unsecured ratings of ENBD to stable from negative.
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