International credit rating agency Fitch has affirmed BBK's rating at A- for long-term issuer default rating (IDR) and at A for foreign currency long-term IDR with stable outlook.

The individual rating stands at C/D with stable outlook, which reflects the bank's significant domestic franchise and the bank's adequate capitalisation.

The announcement comes after the bank reported a net profit of BD35 million last year compared to BD27.1 million in 2008 - an increase of 29.3 per cent and proved its ability to generate revenues despite the adverse market conditions and economic slowdown.

This international vote of confidence to the bank is attributed to BBK's diversified revenue streams, its position as a pillar in the banking sector in the kingdom, as well as its innovative drive to accelerate business growth in new areas and markets.

'We are pleased with this credit rating update, in such downturn market environment, which is obviously a strong signal to our stakeholders that the bank continues to perform strongly despite international economic meltdown,' said BBK chief executive Abdul Karim Bucheery.

'Fitch's appreciation of BBK's contribution to Bahrain's banking sector and hence the support it would receive if needed by kingdom's authorities further reaffirms our strong franchise and by the same our commitment to continuing this tradition of diversifying and innovating our offering to maintain the leading position in the market and achieve high shareholder value.'

The bank was able to sustain a comfortable liquidity position and capital adequacy ratio through growing customer deposits, which demonstrates customers' confidence in the bank in spite of the prevailing sentiment of uncertainty during last year.

The strong performance of CrediMax, BBK's credit card subsidiary and the leading credit card issuer in Bahrain, further supports the strength of BBK's retail banking franchise.-TradeArabia News Service