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

June 3, 2014 10:25 am

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’s Chief 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.