Capital Intelligence has upgraded National Bank of Bahrain (NBB)'s long-term rating to BBB from BBB- and its short-term rating to A2 from A3. NBB's ratings were raised following Capital Intelligence's recent move to upgrade the Kingdom of Bahrain's ratings, stated a press release.
NBB's new ratings are set at the country ceiling for Bahrain. Both the long and short-term ratings for NBB are among the highest for banks in the Gulf region. Capital Intelligence re-affirmed the Bank's Domestic Strength rating of A.
NBB was established in 1957 as the first indigenous bank in Bahrain. A nation-wide network of 25 branches, 38 ATMs and over 2,500 Point-of-Sale terminals make NBB the leading provider of commercial and retail banking services in Bahrain.
For the six months ending June 30, 2003, NBB reported a record net profit of $35.05 million, total assets amounting to $3.136 million and return on average equity of 17.4 percent. — (menareport.com)
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