Kuwait, 30 October 2019: S&P Global Ratings has affirmed Gulf Bank’s Issuer Credit rating at A-/A-2 with a Stable outlook.

According to the recently published S&P Global Ratings commentary, the ratings reflect Gulf Bank's sound market position as the fourth-largest commercial bank in Kuwait, and factors in the Bank's improving revenue mix and business stability. The stable outlook on Gulf Bank balances S&P’s view that the Bank's business and financial profiles will remain resilient over the next 12-24 months. This is owing to the Bank's adequate capitalization and good asset quality.

Commenting on S&P’s credit rating announcement, Ms. Dalal Al-Dousari, Gulf Bank’s Head of Investor Relations said: “We are very pleased to receive the affirmation of our Bank’s Issuer Credit Rating at “A-” with a “Stable” outlook by S&P Global Ratings. “This is an international acknowledgement of Gulf Bank’s sustained improvement in asset quality and profitability, solid capitalization and sound market position.” Added Al-Dousari.