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Moody's Issues Updated Credit Rating Report for Warba Bank

Positive Outlook for Warba Bank's Credit Rating

Warba Bank has announced that Moody's Investors Service has released an updated credit rating report for the bank, with a positive outlook. According to a statement released by the Kuwait Stock Exchange on Sunday, the long-term deposit ratings for Warba Bank are at "Baa2", reflecting its baseline credit assessment of "Ba2", with an increase of 4 notches based on the high likelihood of the Kuwaiti government supporting the bank if necessary.

This reflects the high direct and indirect government ownership of Warba Bank and the Kuwaiti authorities' track record of supporting banks in the country. The bank's baseline credit assessment of "Ba3" reflects its strong moderate liquidity and adequate provisions to cover loan losses. This comes in addition to the bank's modest profitability, as it is a new brand in the growth stage. However, the high concentration in the construction and real estate sector has a limited impact on the bank's standalone credit strength.

The bank noted that its funding profile was also adjusted through its reliance on major depositors linked to the government. Warba Bank previously announced that it achieved a profit of 14.89 million Kuwaiti dinars in the first nine months of the current year, representing a 4% increase compared to the same period last year, which amounted to 14.32 million Kuwaiti dinars.