Tbilisi (GBC) – On May 10th, 2023, Fitch Ratings affirmed JSC Basisbank's Long-Term Issuer Default Rating (IDR) at 'B+' and upgraded the Outlook from 'Stable' to 'Positive'. The Viability Rating (VR) has also been affirmed at 'B+'.
As Fitch explains, the upgrade on Outlook was driven by the stabilization of Basisbank's Profitability and strong capitalization as well as positive expectations regarding favourable economic conditions in Georgia, resulting in sustainable profit growth, strong asset quality, solid funding and capitalization for the bank.
„We are pleased to continue our path to consistent development and strengthening of our positions on the local market. Last year, we ended with outstanding financial results that exceeded all our expectations and set new records across key financial indicators. We ended 2022 with almost doubled net profit and solid portfolio and capital growths of 68% and 29% respectively over the previous year. Our strong results and significant accomplishments have secured us a strong 4th position on the market, which were reflected in Fitch’s revised Outlook from Stable to Positive “, David Tsaava, General Director of Basisbank commented.
Basisbank Group is the 4th largest financial group in Georgia with a market presence of 30 years. Steady organic growth boosted with successful acquisition of retail and corporate businesses in 2022, lead to dynamic transformation and mapping new strategic objectives for the Group.
The Group, covering Insurance and Leasing markets as well, delivers top-notch services to more than 200,000 business and retail clients through its multi-channel distribution platform (with a strategic focus on digital channels) and a network of 40 branches throughout the Country.