/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:
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.
The full version of the press release is posted on KASE website –