S&P affirms Gulf Bank’s credit rating at BBB+ with a positive outlook

Press release

Published June 2nd, 2014 - 09:52 GMT

Mr. César González-Bueno, Gulf Bank’s Chief Executive Officer

Standard & Poor's (S&P), the world’s leading international credit rating agency, affirmed Gulf Bank’s long-term credit rating at BBB+ with a positive outlook. The positive outlook is a strong sign that the Bank’s financial profile is improving, especially in asset quality and capitalization.

Mr. César González-Bueno, Gulf Bank’sChief Executive Officer said: “S&P’s affirmation reflects the Bank’s strong capitalization, supported by protected pre-provision earnings capability. The Bank will maintain a cautiously optimistic outlook for the coming period, as we continue to focus on our core skills of consumer and corporate banking.”

Gulf Bank welcomed 2014 with strong first quarter results, reporting a net profit of KD 8.7 million, up 10% from KD7.9 million over the same period in 2013 while further reducing the NPLs to 5.4%, from 6.5% at the end of 2013.

Background Information

Gulf Bank

Gulf Bank is one of the leading conventional banks in Kuwait with total assets of KD 6 billion for year ended 31 December 2018. The Bank provides a broad offering of consumer banking, wholesale banking, treasury, and financial services through its large network of 58 branches and more than 200 ATMs in Kuwait.