PRESS RELEASE
As part of the annual activities to confirm ratings, the international agency Standard & Poor’s has affirmed Nurbank’s short-term rating at “B” and set the long-term rating at “B-.”
“The decision by Standard & Poor’s was anticipated due to the unstable financial market situation and the ongoing consolidation of the banking sector. This is also related to the expectations of S&P that Nurbank would increase its market share, implying aggressive growth and, consequently, increased risks. However, it is important to consider that we adhere to a conservative approach with moderate development, as risk minimization and the safety of our clients' funds are paramount to us”, said Eldar Sarsenov, Chairman of the Management Board of Nurbank JSC.
“As one of the major market players, we bear responsibility to our depositors, investors, and partners, hence we openly declare that Nurbank remains stable and reliable. Moreover, thanks to our policy of moderate development, by the end of 2016, we managed to stabilize the bank's competitive position in the market and achieve positive dynamics in key financial indicators”, he continued.
Standard & Poor’s noted that they will soon revise the rating outlook to “Stable” if capitalization and profitability indicators grow. According to Eldar Sarsenov, the bank is already actively working in this direction, and he will soon unveil the main directions of the bank's updated strategy, achieved results, and new services for clients in future interviews.
This year, the bank celebrates its 25th anniversary since its foundation, and we intend to justify the trust and expectations of our clients by continuing dynamic development, balanced growth, and the introduction of new services and technologies. Furthermore, the bank's management has developed a new development strategy, taking into account the comments of Standard & Poor’s”, concluded E. Sarsenov.
For reference:
The main financial indicators for 2016:
— Assets increased by 19% to reach KZT 381.4 billion.
— Loan volume grew by 11% or KZT 22.3 billion to KZT 219.7 billion.
— The securities portfolio amounted to KZT 53.1 billion, increasing by 25% or KZT 10.7 billion over the year.
— The bank's liabilities grew by 21.1%, or KZT 59.2 billion. By the end of 2016, bank liabilities exceeded KZT 340.4 billion. Within the liabilities structure, the share of clients' funds placed on current accounts and deposits, excluding government and bank accounts, was 78.8%. The increase in client funds for 2016 was KZT 62.7 billion or 30.5%.
— Interest income increased by 18%, with commission income growth around 2%.
Press Service of Nurbank JSC
Contact tel: 2 599 710 *5465
www.nurbank.kz