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.