We expect First Abu Dhabi Bank (FAB) to remain the market leader in the United Arab Emirates (UAE), with deep-rooted domestic relationships that enable management to reinforce capital and maintain healthy asset quality and liquidity. FAB's lending growth substantially outperformed the market in 2022. We expect associated risks will be well-managed. Therefore, we affirmed our 'AA-/A-1+' ratings on FAB with a stable outlook. On June 6, 2023, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term issuer credit ratings on First Abu Dhabi Bank PJSC (FAB). The outlook is stable. FAB's growth has substantially outperformed the market; domestic loan growth of about 7% in 2021 and 9% in 2022 compares with about 3% and 4%, respectively, at the system level.
