Kaspi Bank says Standard & Poor's affirmed ratings of the bank, outlook "Stable"
/KASE, April 30, 2020/ – Kaspi Bank (Almaty), whose securities are officially
listed on Kazakhstan Stock Exchange (KASE), has informed KASE about the
On April 28, S&P Global Ratings affirmed the credit ratings of Kaspi Bank JSC at
BB-/B, one of the highest ratings among Kazakhstan's banks.
Mikhail Lomtadze, the head of Kaspi.kz, commented:
"Once again, the rating agency highly valued our strategy and business model.
With the help of the most popular mobile application in the country, the
Kaspi.kz, our dear customers manage personal finances, make payments and
transfers, and make online purchases with delivery without leaving home. It is
convenient, profitable and safe, which is especially important during the
quarantine and the state of emergency".
According to the rating agency, Kaspi compared with other banks, stands out by
three important factors.
Firstly, the agency believes that the bank's leading market positions in
consumer lending and in payment solutions will support the business's quality
and significant capital reserves.
Secondly, Kaspi has a well-developed risk management system. As a result, the
quality of the loan portfolio is almost 2 times better than the market average.
Thirdly, the bank has strong liquidity indicators, which, according to analysts,
will be maintained in the future. 94% of total customer funds are deposits of
individuals with low concentration, which ensures high stability of the deposit
base. While other banks are characterized by a high concentration of corporate deposits,
especially those related to the state, Kaspi's share of the 20 largest depositors accounts
for less than 10% of total deposits, compared with an average of 30% across the
According to the agency, all these factors help Kaspi to successfully resist the
slowdown in economic growth caused by measures against COVID-19 and low oil