Standard & Poor’s affirmed the long term and short term counterparty credit ratings of NBK at A+/A-1, and raised the bank’s outlook to stable from negative.
The rating agency highlighted in its press release that NBK’s stable outlook is supported by the bank’s resilient asset quality, sound provisioning, and strong funding profile. NBK has also demonstrated its ability to expand into new markets, diversifying its income sources and asset base. S&P also stated that NBK has been more resilient than its domestic peers citing its strong capitalization and sound pre-provision earning capabilities.
NBK continued to deliver strong performance in 1Q2010 with net profits reaching USD264 million (KD 76.3 million) up 20% compared to 1Q2009.