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”.

Gulf Bank’s Stand Alone and Core Financial Strength (“CFS”) are both supported by the Bank’s well established business franchise, especially in retail banking, 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 2023, 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.

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 good as indicated by a fairly well diversified loan book by customer segment and economic sector. CI Rating therefore, anticipates that the Bank will maintain its good and better than sector average loan asset quality metrics.”

Commenting on Capital Intelligence Ratings Bank and Bond credit rating announcement, Ms. Dalal Al-Dousari, Gulf Bank’s Deputy General Manager of Investor Relations said: “We are very pleased to receive the affirmation of our Bank’s Long-term Foreign Currency rating at “A+” and our KDW50 million Tier II subordinated Bond rating at “BBB+” by Capital Intelligence Ratings. This is an international acknowledgement of Gulf Bank’s positive market position and highly experienced management that contibuted to its excellent loan asset quality metrics, well established business franchise and market position which will continue to enable the Bank to generate sustainable earnings.”

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 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 and a Long-Term Deposits rating of ‘A3’ with a ‘Stable’ Outlook by Moody’s Investor Services.