• Affirmed the rating of Gulf Bank's Tier 2 Subordinated Bonds at ''BBB+'', with ''Stable'' outlook.
• Dalal Al-Dousari: This is an international acknowledgement of the Bank’s positive market position, experienced management teams, asset quality and solid capital position.

Kuwait, 19 June 2022: Capital Intelligence Ratings (“CI Ratings”) has affirmed the Long-term Foreign Currency and the Short-term Foreign Currency of Gulf Bank ratings at “A+” and “A1”, respectively. At the same time, CI Ratings has also affirmed the Bank’s Standalone Rating of “a-“, with a “Stable” Outlook.

On the other hand, CI Ratings has also affirmed the rating of Gulf Bank’s KWD50 million Basel III-compliant Tier 2 Subordinated Bonds at “BBB+”. The Outlook for the Bond is “Stable”.

The Bank’s Stand Alone and Coew Financial Strength (“CFS”) are both supported by the Gulf Bank’s well established business franchise, especially in retail banking, very good loan asset quality metrics, solid capital position and sound liquidity metrics. The CFS also reflects the Bank’s size as the fifth largest bank in Kuwait in terms of total assets as on first quarter of 2022, with one of the largest distribution networks in the country and a sound market share of both loans and deposits, as mentioned by CI Rating Annoucnement.

Asset Quality

On Gulf Bank’s asset quality, CI Ratings stated in their report that : “Gulf Bank is considered a well-managed institution and conservative lender. Loan asset quality metrics are very good as indicated by a fairly well diversified loan book by customer segment and economic sector. Despite the impact of the pandemic and related forbearance measures over the past two years, the Bank’s NPL and Stage 3 loans ratios remained very modest with very high loss coverage.”

Commenting on Capital Intelligence Ratings Bank and Bond credit rating announcement, Ms. Dalal Al-Dousari, Gulf Bank’s Head of Investor Relations said: “This is an international acknowledgement of Gulf Bank’s positive market position and highly experienced management that contributed to its very good and better than sector average loan asset quality metrics, solid capital position and sound liquidity metrics.”

Creditworthiness

Gulf Bank continues to be well recognized in terms of its creditworthiness and financial strength internationally as it is rated ‘A’ by three major credit rating agencies.

In addition to Capital Intelligence recent affirmation of its Long-Term Foreign Currency Rating at 'A+' with a Stable Outlook, Gulf Bank has a Long-Term Issuer Default Rating of ‘A’ with a ‘Stable’ Outlook by Fitch Ratings, a Long-Term Deposits rating of ‘A3’ with a ‘Stable’ Outlook by Moody’s Investor Services and an Issuer Credit Rating of ‘BBB+’ with a ‘Stable’ Outlook by S&P Global Ratings.

Gulf Bank's vision is to be the leading Kuwaiti Bank of the Future. The Bank is constantly engaging and empowering its employees as part of an inclusive and diversified workplace in recognition of every employee’s role in delivering customer excellence and serving the community at large. With its extensive network of branches and innovative digital services, Gulf Bank is able to give its customers the choice of how and where to conduct their banking transactions, all while ensuring a simple and seamless banking experience.

Gulf Bank is committed to maintaining a robust sustainability program at the community, economic, and environmental levels through sustainability initiatives that are strategically selected to benefit both the country and the Bank. Gulf Bank supports Kuwait Vision 2035 “New Kuwait” and works with various parties to achieve it.