Almaty, September 2021. International rating agency S&P Global Ratings has affirmed the long-term and short-term credit ratings of JSC "Nurbank" at "B-/B" and the bank's long-term rating on the national scale at "kzBB-". The outlook is "Stable".
As noted by S&P Global Ratings experts, the decision is based on the gradual improvement of the bank's asset quality due to support from the government and the owner. Analysts conducted a thorough review of the bank's compliance with all measures adopted under the financial stability program recommended by the regulator. "As for the first seven months of 2021, Nurbank recorded a profit of 942 million tenge against losses in 2020. Loans totaling 62.6 billion tenge were issued. An increase of more than 1.5 times compared to the same period last year. Among them, the share of SMEs was 37%, increasing by 40% compared to the same period last year. The bank's assets have grown by 5.6% since the beginning of the current year, amounting to 451.9 billion tenge," reported S&P Global Ratings.
Analysts positively assess the bank's indicators and plans stated in the strategy for loan and deposit portfolio growth. According to the agency, the funding and liquidity indicators of JSC "Nurbank" correspond to the average indicators of the banking system and similar indicators of comparable Kazakhstani financial organizations.
"The level of client trust in the bank remained quite stable in 2020, and in the first seven months of 2021 the bank managed to accumulate significant liquidity reserves, which we view as a positive factor in the current macroeconomic conditions," commented the agency, adding, "The 'Stable' outlook for Nurbank's ratings reflects our expectations that the bank will be able to gradually improve asset quality and maintain capital reserves sufficient for the planned business development. We expect the bank to maintain a stable funding profile and sufficient liquidity reserves."
In turn, Chairman of the Management Board of JSC "Nurbank" Eldar Sarsenov noted: "Throughout the year we have been operating in unpredictable conditions that require more agility and mobility. Slowly but surely, we have managed to achieve profitability, and the capital adequacy level exceeds the standard by two times. The assessment by the international rating agency shows that we are heading in the right direction."