Mubasher: Capital Intelligence Ratings (CI Ratings) affirmed the rating of KWD 100 million Basel III-compliant Tier 2 subordinated bond issued by Gulf Bank at 'BBB+', with a stable outlook.

CI ascribed its decision to the bank’s well-established business franchise, which supports its sound earnings generation and comfortable liquidity metrics, according to a bourse statement released on Thursday.

There is no financial impact of CI’s rating on the bank, the statement added.

Gulf Bank posted it has generated a net profit of KWD 12.2 million ($40.2 million) during the second quarter of 2019, down 23.8% year-on-year from KWD 16 million ($52.7 million).