A major shareholder completed the capitalization of Nurbank for a total of 20.038 billion tenge using its own funds. As a result, the financial institution fulfilled its obligations within the framework of participating in the Financial Stability Enhancement Program following the Asset Quality Review (AQR). This was reported by the business information center Kapital.kz citing the bank.
As noted by the Chairman of the Board of Nurbank, Eldar Sarsenov: “The recapitalization improves the bank's reliability and financial stability. This measure will help withstand current crisis phenomena and promote the bank's growth according to the chosen strategy.”
The received funds will be directed towards increasing the “safety cushion” for the bank's creditors and depositors, as well as lending to the real economy sector and financing small and medium-sized enterprises.
“The bank's high capitalization and liquidity allowed us to withstand these challenging times while maintaining high customer service levels. We continued to fulfill all obligations to clients, providing over 20,000 loan deferrals in a relatively short period. Currently, the bank is actively expanding its ATM network, acquiring 50 new ATMs in the first quarter. In the coming months, we are concluding a project to implement the new automated banking system Colvir, which will allow us to organize our business processes more effectively in all areas,” added Eldar Sarsenov.
It should be noted that at the beginning of the year, Nurbank's capital adequacy level was 19%, compared to the norm of 10%. The current liquidity ratio was 1.7, against the norm of 0.3. The volume of loans issued increased significantly. From January to April of the current year, issuances exceeded last year’s level by 16.5%.
Since the beginning of 2020, interest income has increased by 9% compared to the same period last year. In the corporate business, this indicator increased by 10%. The deposit portfolio increased by 3.5 billion tenge, or 1.3%, since the beginning of the year.
Revenues from trading operations significantly increased, more than 2.5 times compared to the same period last year, reaching 2.6 billion tenge.
