TBI BECOMES FIRST BANK IN IRAQ EVER TO BE RATED WITH B- FROM FITCH
International ratings agency, Fitch Ratings, assigns Trade Bank Iraq a Long-term Issuer Default Rating (IDR) of ‘B-‘ with Stable Outlook
Iraq, Baghdad, 19 November 2018: Trade Bank of Iraq (TBI) has been assigned Long-term Issuer Default Rating (IDR) of ‘B-‘ with Stable Outlook by Fitch Ratings.
The impressive B- marks the first time an Iraqi Bank has received an official rating through an international ratings agency.
TBI was assessed under Fitch’s globally recognized rating criteria which considered the overall financial health of the bank with emphasis on its financial statement, management, profitability, portfolio diversification, liquidity and revenue among other factors.
Mr. Faisal Al Haimus, President Trade Bank of Iraq commented “The rating assigned to TBI, the first for an Iraqi Bank and in line with the Sovereign of Iraq is indeed a very proud achievement for all of us.
“Our strong balance sheet and profitability, healthy liquidity, diversification strategy in the Corporate and Retail sector and our continued success in the creation of innovative products and services is a testament of working towards our Strategic Initiatives.
“Our achievements have been well recognized through the many awards and accolades received in recent years and we continue to strive forward relentlessly towards our vision with greater zeal and determination.”
TBI was established in July 2003 with the aim of helping in the reconstruction of Iraq by facilitating international trade and continues to be at the forefront of large-scale infrastructure developments across the country.
The institution’s financial network and expertise plays a significant role in sourcing and securing funding for projects. It established its first international office in the UAE in 2017 and has since signed several agreements with international banks and finance firms to help fund infrastructure projects inside Iraq.
TBI is a pioneer financial institution in the Republic of Iraq, having dealings with a wide network of 417 correspondent banks, in 61 country worldwide.
At the end of 2017, TBI had Total Assets of USD 19.300 billion and Net Profit of USD 362.432 million. TBI has the largest network of 25 branches and 122 ATMs & CDMs spread across Iraq. The trust and confidence reposed by the people and the nation have helped the bank to maintain the leadership position.
About Trade Bank of Iraq (TBI)
The Trade Bank of Iraq was established in 2003 and is the top commercial bank in the country. The bank holds approximately 80% of the trade finance business in Iraq and ranked 1 among Arab banks in terms of cost to income ratio and 332 globally in terms of Tier 1 capital. It has established 25 branches across Iraq, offering a wide range of banking services to all customers including companies, individuals and government institutions to widen its customer base and expand into new markets.