Fitch revises ICD outlook to stable

Fitch Ratings said it revised the outlook on Islamic Corp. for the Development of the Private Sector's to stable from negative and affirmed the IDR at A+. Fitch also affirmed the A+ ratings on ICDPS Sukuk Ltd.'s USD sukuk program and ICD Eagle Ltd.'s sukuk program.

“The revision of the outlook primarily reflects Fitch's view that ICD has made strong progress in de-risking its operations in the past two years. Following a period of financial losses in 2017-2020, the bank recorded a profit ($11.9 million) in 2022 for the second successive year. In Fitch's view, the marked reduction in the non-performing loans ratio to 9.3% of total loans as of end-2022 (2020: 25%) and in the share of equity participation to 28% of total banking exposure (2017: 41%), highlights improvement in the bank's risk management,” the agency said in a press release.

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