Press Release
The international rating agency 'S&P Global Ratings' confirmed the long-term and short-term credit ratings of JSC 'Nurbank' at 'B/B' level and the bank's long-term rating on the national scale at 'kzBB-' level. Outlook - 'Stable'.
The opinion of S&P Global Ratings experts is based on a thorough analysis of the Bank's actions following the asset quality review (AQR).
It should be noted that following the AQR, Nurbank joined the financial stability enhancement program, allowing it to issue subordinated bonds worth 46.8 billion tenge in April 2020, with a maturity of 15 years.
These funds are currently being directed by the bank to lend and support the real sector of the economy.
Additionally, in May 2020, the Bank's major shareholder completed an additional capitalization of the Bank amounting to 20.038 billion tenge.
In total, this enabled the implementation of necessary measures to 'clean up' the balance sheet, resulting in increased reliability and financial stability of the bank, ensuring the bank's development and growth in line with the chosen strategy.
'In today's unpredictable market conditions, it is extremely important to keep the situation under control and maintain the Bank's reliability and stability at a consistently high level.
The assessment by the international rating agency is direct proof of Nurbank's reliability. We have formed a substantial volume of additional provisions, which will allow us to confidently fulfill all necessary obligations to our clients. The Bank's own capital adequacy ratio is met, and liquidity ratios significantly exceed those set by the regulator' - said Eldar Sarsenov, Chairman of the Management Board of JSC 'Nurbank'.
This year, the Bank plans to maintain the loan portfolio (increase of +1%) and increase the volume of the loan portfolio by 5% in 2021 relative to the balances at the end of 2020.
The plans include the consistent enhancement of the bank's competitiveness, maintaining the most comfortable conditions for clients, with a focus on developing the retail business direction as an essential attribute of a universal bank.
Press Service of JSC 'Nurbank'
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