S&P Global Rating Agency raises outlook on ratings of Kaspi Bank to "Positive" and notes high quality of loans

30.06.21 16:05
/KASE, June 30, 2021/ – Kaspi Bank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has informed KASE about the following: quote On June 29, the international rating agency S&P Global Ratings improved the outlook on the ratings of Kaspi Bank JSC to "Positive". S&P Global in particular noted several important factors: - Last year, Kaspi demonstrated much lower credit losses than most other Kazakh and Russian banks. - Despite the COVID-19 pandemic, Kaspi's expenses on provisions fell to a five- year low and cost-of-risk was 1.7 %, one of the best indicators compared with other banks. This is primarily due to Kaspi's efficient loan decision making procedures. - In 2021, Kaspi.kz, of which Kaspi Bank is a part, continues to show impressive growth in the payments and e-commerce segment. The number of monthly active customers reached 10 million, and the return on average equity reached a record high of 85%. Mikhail Lomtadze, head of Kaspi.kz, noted: "The improvement of the ratings outlook is another confirmation of the uniqueness of our business model, created in Kazakhstan. The high quality of the loan portfolio is primarily due to the fact that we use the most up-to-date technologies when making credit decisions. Kaspi shows excellent results in comparison not only with Kazakh banks, but also with Russian ones, which is a separate factor for the pride of our team". S&P Global also affirmed "BB-/B" long-term and short-term issuer credit ratings and the rating on national scale "kzA". unquote The full press release is available on KASE website at – https://kase.kz/files/emitters/CSBN/csbn_reliz_300621_1.pdf [2021-06-30]