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BRAC Bank has become the lone Bangladeshi bank to have conducted credit rating by world’s most renowned agency Standard & Poor’s (S&P) Global Rating.
The world’s leading credit rating agency, S&P Global Ratings, has affirmed the credit rating “B+” to BRAC Bank for five consecutive years with stable outlook despite challenging operating environment.
It is also the only bank to achieve credit rating equivalent to sovereign rating of Bangladesh, the bank said in a press release on Sunday.
S&P Global Ratings is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities.
S&P is considered the largest of the big three credit-rating agencies, which also include Moody's Investors Service and Fitch Ratings. Its head office is located on 55 Water Street in Lower Manhattan, New York City.
As per S&P, the stable outlook of BRAC Bank reflects that the bank will steadily navigate competitive operating conditions in Bangladesh and maintain its financial profile over the next 12-18 months.
The rating on BRAC Bank reflects its satisfactory franchise, asset quality, and funding, with above industry average earnings and capitalization.
The rating is a testament that the bank is more stable than other local & global entities and has the capacity to meet its financial commitments in a timely manner.
Good governance, compliance, ethics and transparency are the pillars of BRAC Bank’s business model. And credit rating by international credit rating agencies, highest investment by overseas investors, highest market capitalization and consecutive recognitions from SAFA, ICAB and ICMAB bear testimony to the bank’s good governance and robust financial strength and image in global setting.
This unique achievement came as a result of our continuous efforts towards improving and maintaining industry above capital base, better asset quality, good governance and superior liquidity position. On this proud moment, we would like to thank all of our customers, shareholders, investors, colleagues, regulators, board members and other stakeholders whose unwavering trust and support make us what we are today.
Apart from S&P Global Rating, BRAC Bank has long been conducting credit rating through Moody’s Investor Service and three other local credit rating agencies - Credit Rating Agency of Bangladesh Limited (CRAB), Credit Rating Information and Services Limited (CRISL) and Emerging Credit Rating Limited.
BRAC Bank conducts credit rating by a host of credit rating agencies to reflect on its transparency, accountability and good governance.
BRAC Bank Limited, traded as ‘BRACBANK’ on Dhaka Stock Exchange, has been one of the country’s fastest-growing banks since its inception in 2001 with a particular focus on the SME segment. With 187 branches, 374 ATMs, 461 SME Unit Offices, and a diverse workforce of more than 8,000 people BRAC Bank also serves customers across the Corporate and Retail segments.
The bank has generated particularly strong financial performance over the past five years and now leads the industry in most of the financial metrics. With more than 1.3 million customers the bank has already proved to be the largest collateral-free SME financier in just 20 years of its operation in Bangladesh and continues to serve as a benchmark for governance, transparency, and compliance in the banking sector.
