Kuwait - Standard & Poor’s (S&P) Financial Services maintained its credit rating of Gulf Bank of Kuwait (GBK) at ‘A-,’ with a ‘Stable’ outlook, the bank disclosed Boursa Kuwait on Tuesday.
The rating reflected the GBK’s position as Kuwait’s fourth biggest commercial bank owing to its improved revenues and the stability of its operations.
Citing high dividend payout ratio consistent with the last two years, S&P projected that the bank’s forecast risk-adjusted capital (RAC) ratio, before concentration adjustments, will remain at 9.6% to 9.8% during the upcoming 12 or 24 months.
“The issuer credit rating on Gulf Bank is three notches higher than its standalone credit profit [SACP], reflecting our view of bank’s high systemic importance in Kuwait, which we view as highly supportive of its banking system,” according to the GBK’s disclosure.
Fitch Rating affirmed in late September the long-term issuer default rating (IDR) of the Kuwaiti bank at ‘A+,’ and the short-term IDR at ‘F1’ with a ‘Stable’ outlook.
It is also worth pointing out that the CBK generated KWD 37.129 million ($122.519 million) over the nine-month period ended 30 September, falling by 13% year-on-year from KWD 42.68 million.
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