The international rating agency S&P Global Ratings has published a report on the financial performance of JSC Nurbank for the year 2020, including the indicators of the third quarter of 2021.
According to S&P analysts, Nurbank's funding and liquidity ratios are in line with those of comparable Kazakhstani banks. The level of customer confidence remained stable in the first nine months of 2021, and the bank has built up a sufficient liquidity reserve, which is a positive factor in the current macroeconomic situation.
“The 'Stable' outlook on Nurbank’s ratings reflects our expectations that the bank will gradually improve its asset quality and maintain capital reserves adequate for the planned business growth. We believe the bank will maintain a stable funding portfolio and sufficient liquidity reserves,” S&P analysts noted.
In turn, according to the Chairwoman of the Bank, Gulnara Musatayeva, the Bank is currently in a phase of sustainable growth, and we expect further improvement in loan portfolio quality and profitability metrics.
“The dynamics of the banking sector in the past year indicates increased resilience and expanded capacity for financing the economy. I am convinced that JSC Nurbank has a solid foundation to expand its potential, possessing all the opportunities for enhancing its resilience and profitability. This report on the financial condition of Nurbank speaks to the bank’s effective strategy, prudent management of resources, and the trust of the bank's clients and partners,” said G. Musatayeva.
Main operational results for the 11 months of 2021:
- The bank’s assets totaled 451.2 billion tenge;
- The loan portfolio grew by 8.7% since the beginning of the year;
- The deposit portfolio increased by 12.2% since the beginning of the year, reaching 312.0 billion tenge;
- The bank's net interest income increased 1.5 times.
As of December 1, 2021, the bank had 17 branches and 98 banking service centers in Kazakhstan. Additionally, the bank has a developed alternative sales network. The number of ATMs and POS terminals amounted to 346 and 1889, respectively.
In the near future, the bank aims to implement strategic tasks for further business development, namely:
- Increase loan issuance volumes for individuals;
- Increase its share in servicing retail, small and medium businesses;
- Improve the quality of the loan portfolio and deposit base;
- Develop multichannel sales;
- Automate client service business processes.
Press Service of JSC Nurbank
media@nurbank.kz
