/KASE, June 27, 24/ – Kaspi Bank JSC (Almaty), with its securities on the
official list of the Kazakhstan Stock Exchange (KASE), provided KASE with a
press release dated June 26, 2024, which states as follows:
start of quote
The international rating agency S&P Global Ratings has upgraded the long-term
credit rating of Kaspi Bank on the international scale to "BB+" and the bank's
rating on the national scale to "kzAA+".
Mikhail Lomtadze, CEO and co-founder of Kaspi.kz:
"We have again received high praise from an international rating agency. S&P
analysts have been monitoring development of our company for many years. The
agency highlights that Kaspi.kz has a unique and successful business strategy.
This is a result of efforts of our team in Kazakhstan. Over 14 million
Kazakhstanis already trust us and almost 700 thousand partners, most of which
are small and medium-sized businesses. Thank you to each of our beloved
clients and partners for being with us!
S&P indicated Kaspi's well-established customer base and brand recognition, as
well as a positive track record of strategic development of the business
structure. According to analysts, Kaspi's financial performance exceeds that of
comparable companies. The rating also reflects the expectation that Kaspi's
business structure, proven strategy, and strong market position will ensure
sustainability of the company. Projected strong earnings could help Kaspi build
sufficient reserves to improve resilience in times of stress and allow it to
cope better than many peers with increased risks.
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Full text of the press release is posted at
https://kase.kz/files/emitters/CSBN/csbn_relizs_260624_None.pdf
[2024-06-27]