Fitch Ratings has affirmed Gulf Bank’s Long-Term Issuer Default Rating at 'A' with a Stable Outlook and affirmed the Bank's Viability Rating (VR) at 'bbb-'.

• Dalal Al-Dousari: Affirmation of the rating is an international acknowledgement of Gulf Bank's positive market position

According to the recently published Fitch Ratings commentary, Fitch stated that, “Gulf Bank’s Issuer Default Ratings (IDRs) reflect potential support from the Kuwaiti authorities, if needed, as reflected in its Government Support Rating (GSR) of ‘A’.” Fitch also stated: “The Viability Rating (VR) reflects Gulf Bank’s good domestic franchise, cautious risk approach, healthy asset quality, adequate capitalization and stable funding.”

The Stable Outlook on Gulf Bank’s Long-Term Issuer Default Rating reflects that on the Kuwaiti sovereign rating.

Commenting on Fitch’s credit rating announcement, the Deputy General Manager of Investor Relations at Gulf Bank, Dalal Al-Dousari said: “We are very pleased to receive the affirmation of our Bank’s Long-Term Issuer Default Rating ‘A’ with a ‘Stable’ outlook by Fitch Ratings. This is an international acknowledgement of Gulf Bank’s positive market position and highly experienced management that supported the implementation of its consistent strategy.”

Al-Dousari further stated that Gulf Bank continues to be well recognized in terms of its credit worthiness and financial strength internationally, as it is rated ‘A’ by three major credit rating agencies.

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

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.