BRAC Bank sets benchmark as top-rated bank by S&P

BRAC Bank has once again achieved a 'B+' credit rating with a 'Stable' outlook, as affirmed by S&P Global Ratings, the leading global credit rating agency. This rating places BRAC Bank as the highest-rated bank in Bangladesh according to S&P, matching the country's sovereign rating.

Despite challenges in the banking sector, S&P praised BRAC Bank for its robust branch network, strong online presence, and access to retail remittances and export-oriented clients. In its statement, S&P noted, "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."

S&P expressed confidence in the bank's ability to manage challenging conditions, stating, "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."

Selim R. F. Hussain, Managing Director and CEO of BRAC Bank, expressed his gratitude and optimism regarding the recognition. He 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 will bode well for the country's banking sector and elevate Bangladesh's reputation on the world stage."

He also extended thanks to stakeholders, saying, "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 holds the highest ratings in Bangladesh from CRAB (AAA) and Moody's (B2).