BRAC Bank again rated ‘AAA’, Bangladesh’s highest credit rating from CRAB

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

CRAB has reaffirmed ‘AAA’ for long-term and ST-1 for the short-term with ‘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 till 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. 

Commenting on achieving Bangladesh’s highest credit rating, the bank’s Managing Director & CEO, Selim RF 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 superior liquidity position.” 

“Efficient management of balance sheet and liquidity, strong compliance culture and a professional management team have been key determinants of this credit rating 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 Rating. 

All stakeholders are recognizing BRAC Bank as a role model for corporate governance, compliance, transparency and values-based banking in Bangladesh. Industry’s best credit rating for consecutive years, highest investment by overseas investors, highest market capitalization and recognitions from SAFA, ICAB and ICMAB bear testimony to the bank’s strong governance and robust financial strength and image on the local and global stage.