S&P rates BRAC Bank as ‘best bank in Bangladesh’

Business Report :

BRAC Bank has once again secured a ‘B+’ credit rating with a ‘Stable’ outlook, as affirmed by the world’s leading credit rating agency, S&P Global Ratings.
Despite challenges in the banking sector, the US-based S&P Global Ratings has kept confidence on BRAC Bank maintaining a solid ‘B+’ rating with a ‘Stable’ Outlook. This is equivalent to the sovereign rating of Bangladesh and the highest among the banks S&P rates in Bangladesh, says press release.
A statement from S&P regarding BRAC Bank elucidated, “BRAC Bank has been able to establish a good branch network and online presence. The bank’s access to Retail remittances and export-oriented clients will help it navigate the challenges arising from Bangladesh’s weak external position. We believe the bank will maintain its satisfactory franchise, particularly in the SME and retail segments in the underpenetrated Bangladeshi market. BRAC Bank also benefits from above-industry-average asset quality.”
“The stable outlook on BRAC Bank reflects our view that the bank should be able to steadily navigate the challenging operating conditions in Bangladesh and maintain its financial profile over the next 12-18 months,” S&P added.
Commenting on the credit rating from the world’s most prominent agency, Selim R. F. Hussain, Managing Director and CEO of BRAC Bank, remarked, “This distinction is a recognition of our unwavering commitment to enhancing our capital base, asset quality, governance, and liquidity positioning. This top-notch rating from an internationally acclaimed agency would bode well for the country’s banking sector and elevate the reputation of Bangladesh on the world stage.”
He added, “On this momentous occasion, our heartfelt gratitude goes out to our customers, shareholders, investors, team members, regulators, board members, and all stakeholders. Their steadfast trust and support have been instrumental in crafting our legacy.”
In addition to S&P, BRAC Bank is also the highest rated bank in Bangladesh by CRAB (AAA) and Moody’s (B2).