International rating agency, Moody’s has upgraded the National Bank of Bahrain (NBB)’s financial strength rating to C minus, stated a press release. This is the highest grade assigned to any local commercial bank in Bahrain by Moody’s. Rating agencies Fitch and Capital Intelligence also assigned NBB positive ratings.
NBB is Bahrain’s first bank, established in 1957. A provider of commercial and retail banking services in Bahrain, NBB operates a nation-wide network of 25 branches, 38 ATMs and over 2,000 point of sale terminals. The Bank maintained a positive net income growth for the first half of 2002, rising to 11.54 million Bahraini dinars ($30.6 million), an increase of 9.7 percent against first half 2001 net income of BD 10.52 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
