/KASE, March 26, 2024/ – ForteBank JSC (Astana), whose securities are
officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with
the following press release dated March 20, 2024:
quote
The international rating agency S&P Global Ratings revised the outlook on the
ratings of ForteBank JSC from "Stable" to "Positive" and upgraded the rating on
the national scale from "kzA-" to "kzA". The issuer's long-term and short-term
credit ratings were confirmed at the level of "BB-/B".
S&P emphasized that the "positive" outlook on ForteBank's ratings reflects
expectations regarding a possible increase in the bank's rating in the next
12-18 months if industry risks in the banking sector of Kazakhstan are reduced.
ForteBank is one of the largest banks in the country in terms of assets and
deposits.
The agency also noted that the banking sector of the Republic of Kazakhstan in
recent years has demonstrated higher resistance to macroeconomic risks against
the backdrop of worsening geopolitical risks in the region. Asset quality
indicators and financial performance of the banking sector were significantly
higher than the level predicted by the agency.
ForteBank is one of the five largest banks in terms of assets, the size of which
exceeds 3 trillion tenge, the volume of the loan portfolio is at the level of
1.5 trillion tenge, and deposits amount to more than 2.3 trillion tenge.
unquote
The complete press release in Kazakh and Russian is available on –
https://kase.kz/files/emitters/ASBN/asbn_relizs_200324.pdf
[2024-03-26]