ForteBank says Fitch Ratings upgraded the bank's rating to "BB-"; outlook "Stable"

15.09.22 21:33
/KASE, September 15, 2022/ – ForteBank JSC (Nur-Sultan), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release: quote On September 14, 2022, the international rating agency Fitch Ratings upgraded ForteBank's long-term rating to "BB-" with a "Stable" outlook. The rating upgrade was driven by Forte's strong profitability growth, capitalization growth, a significant reduction in its legacy NPL portfolio, and a strong funding and liquidity base. The agency notes that Forte achieved notable lending growth in all market segments. The loan portfolio grew by 26 % in the first half of 2022. Fitch analysts believe that Forte and the banking sector in Kazakhstan as a whole are successfully withstanding external shocks caused by the Russia-Ukraine conflict, thanks to high return on equity and liquidity. unquote The full version of the press release is posted on KASE website – [2022-09-15]