Friday, 9 June, 2023

BRAC Bank again gets highest credit rating

BRAC Bank again gets highest credit rating

BRAC Bank again got the highest credit rating, ‘AAA’, from Bangladesh’s most prominent agency, the Credit Rating Agency of Bangladesh (CRAB), showing its solid financial strength and stability.

CRAB has reaffirmed ‘AAA’ for the long term and ST-1 for the short term, with a "stable" outlook for BRAC Bank. ‘AAA’ is the highest issuer credit rating assigned by CRAB. The agency first assigned ‘AAA’ to BRAC Bank in 2022. This latest credit rating will be valid until June 30, 2024.

The rating is a testament to the fact that the bank is stable and can meet its financial commitments on time. ‘AAA’ is considered the highest quality with minimal credit risk, according to a press release.

Commenting on achieving Bangladesh’s highest credit rating, the bank’s Managing Director & CEO, Selim R. F. Hussain said: "We feel honoured to continue ‘AAA’ credit rating by CRAB. This unique achievement has resulted from the bank’s continuous efforts towards improving and maintaining an industry-above capital base, better asset quality, exemplary corporate governance, and a superior liquidity position."

"Efficient management of the balance sheet and liquidity, a strong compliance culture, and a professional management team have been key determinants of this credit rating's excellence. We are happy to share this achievement with our valued customers, shareholders, regulators, and other stakeholders, whose unwavering trust makes us what we are today," he continued.

BRAC Bank earlier, in 2019, became the only bank to achieve a credit rating equivalent to the sovereign rating of Bangladesh by Moody’s Investors Service. BRAC Bank is the only Bangladeshi bank rated by the world’s most renowned agency, S&P Global Ratings.