US ratings agency Moody’s Investors Service has assigned the National Bank of Fujairah (NBF) a deposit rating of Baa1 and a standalone bank financial strength rating of D+, revealing a steady long-term outlook.

The rating is a reflection of the lender’s small but growing franchise and its improving but still weak asset quality. NBF has a 1 per cent share in the UAE’s market for assets, loans and deposits.

The banking crisis of 2008 caused the bank to suffer a net loss of AED50m ($13.6m). Post-crisis, NBF has built up solid capital buffers, offered treasury services to corporate clients and focused on profitable trade finance, which has resulted in 16 per cent loan growth between 2009 and 2013. Additionally, the lender recorded its highest-ever net profit of AED393.1m in 2013, a 28.6 per cent growth from the previous year.