The international rating agency S&P Global Ratings has affirmed JSC Nurbank's credit ratings at 'B/B' with a stable outlook.
The 'Stable' outlook on JSC Nurbank's ratings confirms the successful performance of the financial institution, aiming at asset quality improvement, reduction of problematic loans in the portfolio, capital adequacy, and maintaining the necessary level of liquidity. The agency's experts expect that the bank will also maintain a stable funding profile.
The reputable international agency anticipates an improvement in Nurbank's profitability due to the reduction of problematic loans and an increase in net margin amid higher interest rates this year. Nurbank's funding and liquidity indicators align with the average metrics of the banking system and comparable small Kazakhstani financial organizations. The bank has established a sufficient liquidity reserve, with a broad liquidity asset measure exceeding 30% of total assets as of July 1, 2023, which is undoubtedly a positive factor in the current macroeconomic situation. The report states that S&P Global Ratings "does not expect significant deposit outflows over the forecast horizon."
"The affirmation of JSC Nurbank's creditworthiness and the positive forecasts from the influential international rating agency S&P Global Ratings under instability and high volatility conditions confirm the bank's resilience and the effectiveness of its chosen strategy, which is based on an individual approach to client needs, asset quality maintenance, a balanced approach to risk assessment, and robust compliance. The rating affirms that the bank has sufficient capital and liquidity reserves. Such high indicators would not have been possible without the trust of our clients, some of whom have been with the bank for over 25 years, and the daily dedicated work of each team member. Moreover, I am particularly pleased that according to the consolidated financial statements for the first half of 2023, net income amounted to almost 4.3 billion tenge," commented Gulnara Musataeva, Chairman of the Management Board of JSC Nurbank.