S&P upgrades Gulf Bank’s credit rating to BBB+ with a positive outlook

Standard & Poor's (S&P), the world’s leading international credit rating agency, today upgraded Gulf Bank’s long-term credit rating from BBB to BBB+ with a positive outlook. The positive outlook is a strong sign that the Bank’s financial profile is likely to improve over the next two years, especially in asset quality and capitalization. This is the second occasion during the last fifteen months that Gulf Bank has been upgraded by S&P; in December 2011 it was the first bank in the region to receive an upgrade following the economic crisis in 2009. 

Mr. Omar Kutayba Alghanim, Gulf Bank’s Chairman, said: “S&P’s decision is an endorsement of our excellent management team, our strong leadership and our dedicated work force, as well as our risk management systems and controls. Over the past few years we have been consistent in seeking to strengthen our balance sheet and have addressed the challenges of the market both realistically and confidently, focusing on our core skills of consumer and corporate banking. This has helped to create a strong platform, which has allowed the Bank to expand its customer base and position itself for future growth.  

“Our challenge now is to maintain our focus as we accelerate our growth and become one of the region’s most highly-regarded financial institutions.” 

Gulf Bank won a number of awards in 2012, including ‘Bank of the Year’ by The Banker – a Financial Times publication. The Bank achieved a net profit of KD 30.9 million in 2012.  Earnings per share amounted to 12 fils.  As of the end of 2012, the Bank’s total assets increased to KD 4,847 million, whilst total shareholders’ equity increased to KD 449 million.