Moody's "Kaspi Bank" АҚ ұзақмерзімді депозиттерінің рейтингілері бойынша болжамын "Жағымсыздан" "Тұрақтыға" өзгертті

/Moody's Investors Service, Лондон, 14.06.12, KASE аудармасы және тақырыпшасы/ – Moody's Investors Service рейтингілік агенттігі бүгін Kaspi Bank шетелдік және жергілікті валютадағы (B1) ұзақмерзімді депозиттерінің рейтингілері бойынша болжамды жағымсыздан тұрақтыға өзгертті. Банктің қаржылық тұрақтылығының рейтингі E+ және жергілікті және шетелдік валютадағы қысқамерзімді депозиттерінің рейтингілері Not-Prime расталды. Moody's бағалауы Kaspi Bank 2011 жылға аудиттелген қаржылық есеп берушілігіне (ХҚЕС сәйкес дайындалған) және 2012 ж. І тоқсанына аудиттелмеген аралық есеп берушілігіне (ХҚЕС бойынша) негізделген. Төменде Moody's хабарламасының ағылшын тіліндегі түпнұсқа мәтіні берілген. London, 14 June 2012 – Moody's Investors Service has today changed to stable from negative the outlook on the B1 long-term foreign and local currency deposit ratings of Kaspi Bank. The standalone bank financial strength rating (BFSR) of E+ and Not-Prime short-term local and foreign currency deposit ratings were affirmed. Moody's assessment is based on Kaspi Bank's audited financial statements for 2011 (prepared under IFRS) and unaudited interim statements for Q1 2012 (under IFRS). RATINGS RATIONALE According to Moody's, the outlook change to stable from negative is driven by Kaspi Bank's (i) strengthened retail lending franchise, (ii) improved revenue generation; and (iii) stabilising asset quality and capital adequacy. Moody's has observed significant development of Kaspi Bank's retail franchise in recent years. Kaspi Bank's domestic market share in retail lending (as a proportion of total loans) grew to 8% as of YE2011, from 3.5% as of YE2009. The retail franchise was supported by expansion of the branch network and other distribution channels. Further development in this segment remains Kaspi Bank's strategic priority going forward. Moody's notes that Kaspi Bank's increased revenues – stemming from the high- yield retail segment – has strengthened the bank's internal capital generation capacity, with return on average equity (RoAE) rising to 19% in 2011 from 5% in 2010. This increase enabled the bank to continue its loan growth strategy (the volume of gross loans grew by 25% in 2011) without threatening its capital (the Tier 1 ratio stood at 14.1% as of YE2011). Moody's believes that Kaspi Bank's asset quality and capital adequacy is stabilising. Problem loans amounted to 17.9% of total loan book as of YE2011 (2010: 14.9%) with the major portion attributable to corporate and SME loans; and the problem loans were sufficiently covered by loan loss reserves (accounted for 15.7% of total loans as at YE2011). Although Moody's expects further deterioration of Kaspi Bank's corporate portfolio, the ultimate impact on capital will be limited due to healthy retail lending revenues. Moody's explains that any material adverse changes in Kaspi Bank's risk profile – particularly any significant weakening of the bank's liquidity position or deterioration of its asset quality together with an inability to maintain capital base – would exert negative pressure on the bank's ratings. Conversely, any possible upgrade of Kaspi Bank's ratings will be contingent on the bank's ability to materially reduce its borrower and depositor concentrations, further develop its franchise, while also demonstrating a sustained track record of improvement in financial fundamentals. PRINCIPAL METHODOLOGIES The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint- Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies. Headquartered in Almaty, Kazakhstan, Kaspi Bank reported total audited IFRS assets of US$2.9 billion and net income of US$58 million as at YE2011. REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. 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Maxim Bogdashkin Asst Vice President – Analyst Financial Institutions Group Moody's Interfax Rating Agency 7th floor, Four Winds Plaza 21 1st Tverskaya-Yamskaya St. Moscow 125047 Russia Telephone: +7 495 228 6060 Facsimile: +7 495 228 6091 Yves J Lemay MD – Banking Financial Institutions Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454