"Fitch" Upgrades NBK's Long-Term Rating to AA-
Dabdoub: The new rating is a further testimony to NBK's solid & sustainable growth as well as the success of its regional expansion strategy.
"Fitch Ratings", the internationally renowned source for credit ratings, has today upgraded the National Bank of Kuwait NBK's long-term credit rating to AA- from A+ with a stable outlook admittedly the highest credit rating ever accorded to a bank in the Arabian Gulf region and the Middle East.
Fitch Ratings - one of the three leading global rating agencies – stated that the upgrade of NBK's reflects the Bank's outstanding performance, well-recognized and strong franchise, and solid financial position, in addition to its dynamic growth and successful expansion strategy. "These fundamental strengths are furthered with NBK's stable and capable management team characterized by its clear vision and strategic approach", added Fitch.
Commenting on this achievement, CEO of NBK Group, Ibrahim Dabdoub said that upgrading NBK's rating by Fitch Ratings international agency to the highest credit rating in the Gulf region and the Middle East constitutes a source of immense pride for both the State of Kuwait and NBK alike, adding that although NBK is not the largest Arab bank, the rating upgrade provides a further testimony to the success of the Bank's local and regional approaches and strategies. Mr. Dabdoub pointed out that NBK has witnessed remarkable developments as well as dynamic and consistent growth during the last few years, particularly in respect of regional expansion, adding that further elaborate regional expansions within a number of countries in the region are in the offing.
NBK Group is set to make yet another exceptional year. During the first half of 2008, the Group net profits rose to USD 661.3 million (KD 175 million) during the first six months of 2008. NBK's total assets were USD 42.4 billion (KD 11.2 billion) at the end of the first half, while shareholder equity grew to USD 6.1 billion (KD 1.6 billion).
NBK is distinguished among Arab banks by its comprehensive network branches, subsidiaries and representative offices spanning its home region and major regional and global centers such as; London, Paris New York, Turkey, China, Vietnam, Singapore Qatar, Lebanon, Jordan, UAE, Bahrain, Iraq and Saudi Arabia.
