Ratings

On December 12, 2024, the international rating agency S&P Global upgraded the long-term credit rating of Nur Bank JSC from 'B-' to 'B' with a stable outlook. The national scale rating was raised from 'kzBB' to 'kzBB+'.

The authoritative international agency revised Nur Bank's Stand-Alone Credit Profile (SACP) from 'b-' to 'b'. S&P Global Ratings experts expect the bank's capital adequacy to be supported by a reduction in provisioning needs and increased profitability; they also forecast 'moderate growth rates of the loan portfolio and a RAC ratio consistently above 10.0% in 2024–2026'. In this regard, the assessment of Nur Bank's capitalization and profitability indicators was revised from 'adequate' to 'strong'.

'The upgrade of Nur Bank to 'B' by the influential international agency S&P Global Ratings amidst instability and high volatility is a clear testament to the financial institution's resilience. The ratings reflect sufficient levels of capitalization and liquidity, improved asset quality, and good profitability. For the first 11 months of the current year, Nur Bank's net profit amounted to 12.9 billion tenge, more than double the same figure last year. The results obtained demonstrate the effectiveness of our business model and instill confidence that the upcoming year 2025 will also be successful for our bank. Going forward, we plan to develop the transaction business, enhance asset quality, and improve the range of banking products in line with the needs of the Kazakhstani market and current business processes,' commented Gulnara Musatayev, Chairman of the Board of Nur Bank JSC.