Press Release
In order to enhance the transparency of the financial system for investors and depositors, the National Bank of Kazakhstan conducted an asset quality review (AQR) in 2019.
Nurbank JSC, being among the top 14 largest banks, participated in this process.
Following the AQR, the Bank joined the Financial Stability Enhancement Program, which allowed the bank in April 2020 to issue subordinated bonds amounting to
46.8 billion tenge with a maturity of 15 years.
These funds are currently being directed by the bank towards lending and supporting the real sector of the economy.
Also, in May 2020, a major shareholder of the Bank completed an additional capitalization of the Bank amounting to 20.038 billion tenge. As a result, the reliability and financial stability of the bank was enhanced, and the bank continued its development and growth in line with its selected strategy.
“These measures made it possible to fulfill the obligations resulting from the AQR and create additional provisions, which impacted the financial outcome (a loss in the amount of the provisions created). It should be understood that these losses were meticulously planned by us and are a natural consequence of creating such a substantial volume of provisions,” clarifies Eldar Sarsenov, Chairman of the Management Board of Nurbank JSC.
Moreover, the bank's capital adequacy ratio exceeds the level set by the ARRF, and the bank's liquidity ratios, indicating the ability to promptly meet obligations to depositors, significantly exceed the regulatory standards.
This year, the Bank plans to maintain its loan portfolio (growth of +1%) and in 2021 to increase the loan portfolio by 5% based on year-end 2020 balances.
The plans remain focused on consistently improving the bank's competitiveness, maintaining comfortable conditions for clients, with an emphasis on developing the retail business segment as an integral part of a universal bank.
Background:
Nurbank JSC is a dynamically developing bank with a positive history over 28 years. It is one of the most stable banks and fulfills all its commitments to clients in a timely manner.
Press Service of Nurbank JSC
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