S&P again rates BRAC Bank as best in Bangladesh

BRAC Bank once again obtained a B+ long-term credit rating with a stable outlook from the world's leading credit rating agency, S&P Global Ratings.

This is equivalent to the sovereign rating of Bangladesh. BRAC Bank has continued to achieve the rating for the last nine years, according to a press release.

"BRAC Bank will maintain its financial profile amid tough operating conditions. BRAC Bank's improved profitability, high earnings retention, and calibrated loan growth should support the risk-adjusted capital ratio over the next two years," S&P stated in its report released on November 26.

"BRAC Bank's financial profile should be stable, in our view. The bank has a record of prudent management that will help it navigate this period of volatility. We expect the bank's non-performing loan ratio to stay at 3.1 per cent -3.5 per cent over the next 12-18 months, significantly lower than the average for Bangladesh's banking sector. The bank's balanced loan book and proactive risk management should keep asset quality healthy," S&P Global Ratings report added.

Commenting on the rating from the globally renowned agency, Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank, said, "Achieving such a distinguished rating from an international authority is not only a milestone for BRAC Bank but also a positive signal for Bangladesh's banking sector on the global stage."