International rating agency S&P Global upgraded the long-term credit rating of JSC 'Nurbank' from 'B-' to 'B' with a stable outlook. The national scale rating was upgraded from 'kzBB' to 'kzBB+'.
S&P Global Ratings analysts expect that the bank's capital adequacy will be supported by a reduction in provisioning needs and an increase in profit. They also forecast 'moderate growth rates of the loan portfolio and RAC ratio steadily above 10.0% for 2024–2026'. In this regard, Nurbank's capitalization and profitability indicators were re-assessed from 'adequate' to 'strong'.
'The upgrade of Nurbank's rating to 'B' by the influential international agency S&P Global Ratings amidst instability and high volatility is a clear confirmation of the financial institution's resilience. The ratings reflect a sufficient level of capitalization and liquidity, improved asset quality, and good profitability. We plan to further develop the transactional business, enhance asset quality, and improve the banking product line considering the needs of the Kazakh market and current business processes', commented Gulnara Musataeva, Chairman of the Management Board of JSC 'Nurbank'.
Standard and Poor’s
|
B |
Long-term Counterparty Credit Rating |
|
Stable |
Rating Outlook |
|
kzBB+ |
Kazakh National Scale Rating |