Nurbank says S&P Global Ratings affirmed the bank's ratings; outlook "Stable"

22.09.21 18:04
/KASE, September 22, 2021/ – Nurbank (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release: quote The international rating agency S&P Global Ratings has affirmed the long-term and short-term credit ratings of Nurbank JSC at "B-/B" and the long-term rating of the bank on the national scale at "kzBB-". The outlook is "Stable". As noted by the experts of S&P Global Ratings, the decision is based on a gradual improvement in the quality of the bank's assets thanks to support from the state and the owner. Analysts conducted a thorough analysis of the bank's compliance with all measures taken under the financial stability program recommended by the regulator. "According to the results of seven months of 2021, Nurbank recorded a profit of 942 million tenge against losses in 2020. Loans were issued for 62.6 billion tenge. An increase compared to the same period last year by more than 1.5 times. Of these, the share of SMEs amounted to 37%, an increase by 40% compared to the same period last year. The bank's assets since the beginning of this year have grown by 5.6 %, amounting to 451.9 billion tenge," – says S&P Global Ratings. Analysts positively assess the bank's indicators and plans specified in the strategy for the growth of loan and deposit portfolios. According to the agency, the funding and liquidity indicators of Nurbank JSC correspond to the average indicators for the banking system and similar indicators of comparable Kazakhstan's financial institutions. unquote The complete press release is available on – https://kase.kz/files/emitters/NRBN/nrbn_confirmation_rating_170921_1.pdf [2021-09-22]