Nurbank: 2016 Results

Nurbank demonstrated positive dynamics of key financial indicators for 2016, said Eldar Sarsenov, Chairman of the Management Board of JSC Nurbank. According to audited consolidated financial statements, Nurbank's net profit for 2016 increased by 75% and amounted to 374.5 million tenge, compared to a net profit of 213.7 million tenge in 2015.

“Despite the current situation in the financial market, Nurbank remains stable and reliable. We are pleased that today businesses and the population trust us, as evidenced by last year's results. This year, we will continue our development, balanced growth, and the introduction of new services and technologies,” said Eldar Sarsenov, the head of Nurbank.

Main results of 2016 activities:

• The bank's assets increased by 19% to 381.4 billion tenge, compared to 321.2 billion tenge at the end of 2015. Loans to customers constitute the largest share of the bank's assets, making up 57.6% of assets. At the end of 2015, loans accounted for 61.5%.
• The loan volume grew by 11% or 22.3 billion tenge, reaching 219.7 billion tenge.
• The securities portfolio amounted to 53.1 billion tenge, increasing by 25% or 10.7 billion tenge over the year.
• The bank's liabilities increased by 21.1% or 59.2 billion tenge. By the end of 2016, the bank's liabilities had exceeded 340.4 billion tenge. The share of client funds placed in current accounts and deposits, excluding government and bank accounts, makes up 78.8% of liabilities. The increase in client funds for 2016 amounted to 62.7 billion tenge or 30.5%.
• Interest income increased by 18%, while commission income grew by about 2%.

“Dynamic development allowed us to stabilize our competitive position and financial profile. In turn, favorable product conditions enabled us to grow the bank's assets by 19% and increase deposit inflow by 30.5%,” said Eldar Sarsenov.

In January 2017, the international rating agency Standard & Poor’s affirmed Nurbank's long-term and short-term credit ratings at 'B/B'. Standard & Poor’s analysts highlighted the successful reduction of non-performing loans, as well as the bank's positive growth rates.

As of June 1, 2017, the bank has 16 branches and 85 banking service centers in Kazakhstan. Additionally, the bank has a well-developed alternative sales network—ATMs, payment and POS terminals, as well as internet banking Nurbank24.