BRAC Bank retains Moody’s Ba3 rating

Business Desk | Published: 23:16, Jun 29,2020

 
 

BRAC Bank has once again achieved the Ba3 rating, the highest for any Bangladeshi bank, rated by Moody’s Investor Service, said a press release.

This is for the fourth successive year that the internationally renowned rating agency Moody’s Investor Service has confirmed the highest credit rating for BRAC Bank.

According to Moody’s, the affirmation of the bank’s rating reflects strong asset quality compared with those of its industry peers, robust profitability and capitalisation driven by its competitive advantage in the higher-yielding small and medium-sized enterprise (SME) segment, and stable funding profile and liquidity.

Moody’s statement also mentions that the bank’s credit strengths are built on stable funding and liquidity, supported by its good reputation and sizable distribution network as well as its strong capital base — the highest among the Bangladeshi banks they rate.

‘BRAC Bank stands on solid ground for its business model- driven by good governance, transparency, and value-based banking,’ said BRAC Bank managing director and CEO Selim RF Hussain.

BRAC Bank is primarily funded by deposits, which constituted 81 per cent of the bank’s total liabilities as of year-end 2019, Moody’s also mentioned.

‘Our customers have always shown their unwavering trust in us and we have always been active to ensure reciprocation of the trust in our strategies and performance matrices. We not only have a wide network and strong franchise but are backed by a diversified, dedicated, and talented set of human resources. On behalf of our board and the management, I would like to thank all our customers, employees, and other stakeholders for their continuous support in helping us to reach a new level every year,’ Hussain said.

BRAC Bank is now the only Bangladeshi bank to maintain the sovereign rating standard of Ba3 for four consecutive years.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

 

Advertisement

images