Capital Bank

Capital Bank OF Jordan

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Moody's Upgrades Capital Bank's Long-Term Rating to Ba3

Moody's credit rating agency announced that it has upgraded Capital Bank's long-term credit rating from B1 to Ba3, less than a week after raising Jordan's long-term sovereign credit rating from B1 to Ba3 for the first time in 21 years.

In addition, Moody's latest rating move included affirming Capital Bank's Baseline Credit Assessment (BCA) and Adjusted BCA ratings — a classification that highlights the strength and solidity of Capital Bank, which is one of the largest and most reliable banks in Jordan that holds a premium position in the Jordanian banking market.

The confirmation of the BCA rating reflects strong financing and financial liquidity, with liquid assets constituting 48% of the total tangible banking assets at the end of 2023. Additionally, the bank demonstrated strong profitability, with the ratio of net income to tangible assets reaching about 1.4% in 2023, comparing favorably with its counterparts in the local banking sector.

Moody's also revised the outlook for Capital Bank's long-term deposit ratings from positive to stable, aligning with the stable sovereign rating. This balances the bank's high liquidity reserves and strong profitability against high asset quality risks.

“This international classification reflects our tireless efforts towards strengthening the bank’s financial position and achieving the best results for our clients,” commented the Chairman of Capital Bank Group, Bassem Khalil Al-Salem. “Upgrading Capital Bank’s credit rating coincides with the improvement of the Kingdom’s sovereign rating, strengthens confidence in our ability to maintain growth, and serves as a catalyst. This will give us the strength to move forward toward achieving our goals and aspirations and provide added value to all stakeholders.”

Al-Salem added: “Capital Bank’s rating coincides with Moody’s raising Jordan’s long-term sovereign credit rating for the first time in 21 years. We are confident in our ability to benefit from this encouraging business environment to enhance our growth and expand the scope of our operations sustainably, further reinforcing our position as a leading financial institution in Jordan and the region.”

 

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