S&P upgrades Boubyan Bank

S&P said it raised its long-term issuer credit rating on Boubyan Bank to A from A-.

“In the second quarter of this year, Boubyan Bank completed a Kuwaiti dinar (KWD) 200 million (about $650 million) rights issue, which increased our risk-adjusted capital (RAC) ratio for the bank to 11.1% on June 30, 2022, from 8.7% on Dec. 31, 2021. The combination of balanced growth, decent earnings, and a manageable dividend payout ratio is likely to help the bank maintain strong capitalization,” S&P said in a press release.

The outlook is stable.

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