Moody’s affirms Gulf Bank’s Baa2 rating and positive outlook
Moody’s Investors Service, one of the world’s leading international credit rating agencies, has affirmed the Positive Outlook for Gulf Bank and its overall rating of Baa2.
While affirming the positive outlook, Moody’s highlighted in its comments that the rating reflects the bank’s “Solid revenue generating capacity, Risk Management systems and practices that are better than those of peers, and comfortable liquidity”. The ratings were based on Gulf Bank’s 2013 positive financial results, which were announced during the Bank’s annual general meeting held in March 2014.
César González-Bueno, Gulf Bank’s Chief Executive Officer, said, “Moody’s affirmation of the Bank’s Overall Rating and Positive Outlook indicates their confidence in our overall strategy and execution ability and the competency of our management team. We will continue to follow this successful strategy.”
Gulf Bank continues to grow and boost its leadership position. It welcomed 2014 with strong first quarter results, reporting a net profit of KD8.7m, up 10% from KD7.9m over the same period in 2013 while further reducing the NPLs to 5.4%, from 6.5% at the end of 2013.
For more information please contact:
Rami El Adly
Hill + Knowlton – Kuwait