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Moody's affirms Boubyan Bank's credit ratings; outlook stable

Moody's affirms Boubyan Bank's credit ratings; outlook stable
Moody's has affirmed the bank's long-term deposit rating at 'A3'
BOUBYAN
BOUBYAN
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Mubasher: Moody's Investors Service has maintained all the credit ratings of Boubyan Bank, with a 'Stable' outlook, according to the bank's disclosure to Boursa Kuwait on Wednesday.

The credit rating agency has affirmed the bank's long-term deposit rating at 'A3', short-term deposit rating at 'P-2', and baseline credit assessment at 'ba1'.

The Kuwaiti bank's 'ba1' rating reflects the fast-growing domestic services provided to individuals and companies, supporting the bank's stable funding as well as solid profitability and capital.

It is noteworthy to mention that in 2019, the bank's net profits increased by 12% year-on-year (YoY) to KWD 62.65 million, when compared to KWD 56.11 million in 2018.