Fitch Rating has affirmed JSC Basisbank's (Basis) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook and Viability Rating (VR) at 'b+'.
According to Fitch, the core driver for affirming positive rating is Bank’s consistent, reasonable and sustainable growth.
Fitch focused on positive drivers, which ultimately ensure Bank’s strong financial and credit standing. Those positive drivers included, both elements pertaining operating environment, in particular, increase of 2022 GDP growth forecast from 3.2% to 5.8% (Fitch), and the results of the consistent and sustainable expansion policy, implemented by the Bank:
•Operating Profit recovered to 2.3% of regulatory risk-weighted assets (RWAs) from 1.7% and almost returned to the pre-pandemic mark – 2.9%;
•Pandemic 7.5% mark of Stage 3 loans were reduced to 4.7% by the YE 2021, followed by further improvement to the 3.4% in Q12022;
•Following the expansion of the franchise early in first quarter of the year, YE2021 assets market standing of 3.0% exploded by as much as 50% up to 4.5%. In addition, the share of retail portfolio in GLP also increased.
Economic environment remains the key risk factor. Operating environment in Georgia is sensitive towards external shocks, which increases pressure on banking sector.
See all the news
Financial Services in CAREC
#TheCheckpoints: TIWB & Georgia - Interview with Rusudan Kemularia, Head of TIWB Secretariat
Stoli® Group to Release Limited-Edition Bottle in Support of the Ukrainian People
როგორ მოხვდა 17 წლის ანასტასია ლელაძე ჰარვარდში? - ანასტასია ლელაძე ქალების ნარატივში
"Literally the whole village was waiting for the first harvest of strawberry" - Kvitsiani family from Svaneti
Aliyev replaces long-serving central bank head with loyalist
Putin imposes visa restrictions on citizens from 'unfriendly' countries
BMG-ს მედია რუბრიკა: #პროფესიონალი - გიორგი მიქაია
ყველაზე სანქცირებული რუსი ოლიგარქები
Business Leaders Council by USAID and Georgian Business
ვინ არის მსოფლიოში #1 სნაიპერი “Wali”?
ბინების ქირის ფასი 50%-მდე გაიზარდა
OECD formally terminates the accession process of Russia
"Today we are all Ukrainians"- Zurab Pololikashvili
Tourism is the main bridge for building understanding - ZURAB POLOLIKASHVILI
FAQ’s and Analysis on Lari & FDI - Interview with Fady Asly
მინერალური და მტკნარი წყლის ფასები ქართულ ბაზარზე
China continues to push competitors out of the global walnut market
Moscow to Host First Meeting of Turkish & Armenian Special Envoys on Jan 14