Subsidiary Organization VTB Bank (Kazakhstan) says S&P Global Ratings affirmed bank’s rating at "ВВ+" due to improved quality of assets

/KASE, October 29, 2020/ – Subsidiary Organization VTB Bank (Kazakhstan) (Алматы), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the press release dated October 29, 2020 which states as follows: Quote October 29, 2020: The international rating agency Standard & Poor's affirmed 'BB+/B' long- and short-term credit ratings on VTB Bank (Kazakhstan). S&P affirmed its 'kzAA' Kazakhstan national scale rating on the bank. "We take into account the improvement of the bank's performance over the past two years, including a gradual increase in the quality of assets," S&P Global Ratings says. Also, the rating agency concludes: "The affirmation of the ratings reflects our view that the regulatory capital and liquidity reserves will allow the bank to withstand the pressure associated with the adverse operating environment in Kazakhstan amid the economic downturn and the COVID-19 pandemic. In addition, we believe that VTB Bank (Kazakhstan) will continue to be of strategic importance to the parent group and will continue to receive support from its shareholder when necessary". "The confirmation of the high credit rating of the bank is a natural consequence of an effective development strategy and balanced risk management system. This is also confirmed by sound financial results of the bank for three quarters of this year, despite the economic downturn caused by the coronavirus pandemic", Dmitry Zabello, chairman of the Management Board of VTB Bank (Kazakhstan), said. According to the results of nine months of 2020, VTB Bank (Kazakhstan) increased its profit by 26.2% compared to the same period of the last year. unquote [2020-10-29]