Investment Bank PJSC (INB) has received its first investment-grade credit rating, with Fitch Ratings assigning a long-term issuer default rating of BBB+ and a government support rating of bbb+, both carrying a stable outlook.
Fitch grounded the rating in expectations of government support, alongside what it described as adequate capital levels, solid liquidity coverage, and a track record of improving financial performance. The stable outlook reflects the agency’s expectation that the bank will continue executing its strategy while maintaining capital and liquidity buffers to support future growth.
The rating follows a restructuring programme spanning several years, aimed at strengthening the bank’s balance sheet, developing governance and risk management frameworks, and improving operational performance. INB returned to profitability in 2025 following that restructuring and has since continued building momentum through disciplined strategy execution.
Fitch noted ongoing improvement in the bank’s operating performance, including growth in net interest income, adequate provisioning coverage, and a strong capital base. The agency also flagged the strength of INB’s liquidity position and forecast a continued decline in legacy impaired assets over the medium term. It acknowledged that the bank still holds a relatively limited domestic market share and remains in a rebuilding phase, but credited its progress in strengthening financial resilience.
Idris Al Rafaie, INB’s chief executive, said the rating represents “a defining milestone” and reflects the commitment of the bank’s teams, ongoing shareholder support, and a focus on disciplined execution. “We have worked thoughtfully to strengthen our balance sheet through meaningful business diversification and accelerating digital transformation,” he said, describing the rating as an important step on the journey rather than the destination. He added that sustainable long-term value for all stakeholders, including customers, employees, regulators and the communities the bank serves, remains the priority.
The investment-grade rating is expected to support INB’s standing within the UAE banking sector and improve its access to investors, peer institutions, and funding markets.
