Fitch Ratings affirmed JSC Basisbank’s (hereinafter the Bank) Long-Term Issuer Default Rating (IDR) at 'B+' with a Positive Outlook. The Viability Rating (VR) has also been affirmed at 'B+'.
As Fitch Ratings explains, the Long-Term IDR of the Bank was driven by the bank's stable capitalization and reasonable performance, as well as rather dollarized balance sheet, which is a sector-wide feature on Georgian Market.
According to Fitch, the Positive Outlook on IDR reflects their expectations that favourable economic conditions in Georgia will persist and result in a sustained strengthening of Bank's asset quality, funding and liquidity profile, as well as supporting the stability of the bank's already reasonable profitability and strong capitalization.
„We are consistent in stable development and strengthening our positions on the local market. Last year, we ended with impressive financial results: we maintained stable growth in Net Profit and achieved solid Loan Portfolio and Capital growths of 19% and 15% respectively. We were able reinforce Bank’s position as one of the largest financial institutions on the Market, which was reflected in Fitch’s rating as well“, David Tsaava, General Director of Basisbank stated.
About BasisBank
With 30 years of successful operation on the market, Basisbank is one of the leading financial institutions in Georgia. Supported by its subsidiaries, BB Insurance and BB Leasing, Bank offers tailored banking, insurance, and leasing services to its Business and Retail clients. With a strong pool of over 900 employees and a network of 40 branches, Bank serves over 200,000 Business and Retail clients, incorporating ESG principles into its strategy, culture, and day-to-day activities.
Steady organic growth of the bank, backed with a solid capital base and strong financial support from partner IFIs, was boosted with increase in retail and corporate portfolios, which lead the Bank to dynamic transformation phase and the bank started mapping new strategic objectives of further advancements on the market.
