Since the beginning of the year, NurBank has been showing good financial results. According to many banking experts, this is justified by the exit from the crisis and the consistent implementation of a strategy for comprehensive optimization of all areas of the bank's activities. Maksut Tenbayev, Managing Director, spoke about how NurBank JSC is developing today.
— Maksut Tlekenovich, how is NurBank JSC developing today?
— The bank's policy is aimed at developing and expanding the product line. The number of customers is growing across a wide spectrum - corporate, retail, small, and medium businesses, and the range of services provided by the bank is expanding. In the first half of the year, NurBank achieved a net profit of 309.6 million tenge under IFRS, compared to a loss a year earlier. At the end of 2010, it ranked 100th among CIS banks. Today, NurBank is a promising financial institution steadily approaching global standards in all areas of economic activity.
— Tell us about the Red Star credit card?
— Red Star is a renewable credit limit on an instant issue payment card for consumer purposes without confirmation of targeted use. The revolving credit primarily allows unlimited use of the credit limit, requiring only timely monthly payments. Thus, the main advantage of the renewable credit limit is that after full repayment, the client does not need to reapply to the bank, as they can again use the funds on the card.
— What are the features of this product besides its renewability?
— First of all, the convenience of storing money, paying for goods and services in retail outlets, establishments, and so on. With this product, clients have access to a credit limit 24/7, all year round, which allows the use of borrowed funds. That is, it is sufficient to partially or fully repay the credit, and the credit funds can be used again for purchasing goods and paying for services — the credit limit increases by the amount of the repaid debt. The credit limit ranges from 80,000 tenge to 3,000,000 tenge, with low interest rates on the credit — from 16 percent per annum.
Additionally, we offer the 'SMS-informing' service, which simplifies the calculation procedure of the monthly payment independently — the exact amount is calculated automatically and sent via SMS to the client's mobile phone. Moreover, without additional requests to the bank, the client can repeatedly use the credit resources of the bank card, utilize borrowed funds without indicating the purpose, and automatically extend the established credit limit. Interest is charged only on the amount the client uses for cash withdrawal. The repayment scheme is quite convenient — monthly 5 percent of the used credit amount plus interest.
— What are the general requirements for clients?
— An applicant wishing to use Red Star must be at least 23 years old, and by the time of credit repayment, their age should not exceed the retirement age. The client must have a stable source of income. The application for establishing a credit limit on the card is reviewed within just two days.
Additionally, the bank provides preferential lending conditions for depositors of the 'Atameken' pension fund and for individuals receiving salaries on NurBank JSC cards.
— What is the current demand for retail loans?
— The demand for retail loans has grown significantly and continues to show growth compared to 2008-2010. This is due to the high growth of banking competition, where second-tier banks lower interest rates and commissions and improve client service conditions. However, compared to the pre-crisis years, high demand dynamics will no longer be observed.
— Does the bank plan to launch new products for the retail sector in the near future?
— Definitely, yes. We plan to expand the product line, improve conditions for clients, and also conduct promotions with preferential terms. Not long ago, interest rates on the 'NurCredit' product (secured loan for urgent needs) were reduced and now range from 14 percent per annum.
Link to material: http://www.np.kz/index.php?newsid=9512