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    Kazakhstan

    S&P affirms stable outlook for Kazakh banks as sector sees 14% revenue boost

    S&P affirms stable outlook for Kazakh banks as sector sees 14% revenue boost

    The Agency on Regulation and Development of the Financial Market in Kazakhstan (ARDFM) has reported that Standard & Poor’s (S&P) has maintained credit ratings for several Kazakhstani banks, including Halyk Bank, Kaspi Bank, Bank CenterCredit, ForteBank, Nurbank, and Freedom Bank, all with a stable outlook. Additionally, the microfinancial organization OnlineKazFinance also had its rating affirmed by the credit agency, Kursiv reports.

    The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018.
    Source: Reuters

    As per the S&P data cited by the regulator, the country's banking system displayed stability in 2022 and exhibited a professional approach to asset quality management throughout economic cycles. The agency emphasized that Kazakhstani banks currently allocate fewer funds for potential losses compared to the period of 2015-2020. S&P expressed confidence that the quality of banks' assets is unlikely to deteriorate soon, even though the country's banking sector is still in the process of recovering from a prolonged correction.

    The ARDFM highlighted that the banking sector's swift recovery is attributed to high commodity prices stimulating loan demand and significantly enhancing asset quality. The agency noted that robust margins and profit-generating capabilities have also contributed to the banks' improved position, safeguarding them from risks in a volatile and uncertain external environment.

    Building of Halyk Bank at night.
    Source: Tengrinews

    In 2022, Kazakhstan's banks saw a 14% increase in revenues, totaling $3.2bn compared to 2021. For 2023, the combined revenue of all Kazakhstani banks is anticipated to remain at the 2022 level, with a projected 5% increase in the net percentage margin, according to the financial control agency.

    Kazakhstan's banking system comprises 21 commercial banks and the National Bank. As of February 1, 2023, Halyk Bank held the top position in terms of assets, followed by Kaspi (2nd), CenterCredit (3rd), ForteBank (5th), Freedom Bank (11th), and Nurbank (15th).

    On March 7, S&P affirmed Freedom Bank's short-term rating at "B" with a stable outlook, while upgrading the long-term credit rating from "B-" to "B." The agency noted that over the next 18 months, Freedom Bank is expected to continue generating revenue with a reasonable capitalization rate for asset purchasing.

    In a broader context, S&P has revised its credit rating outlook on Kazakhstan from negative to stable. The agency suggests that further improvement in the sovereign rating of Kazakhstan may occur if the country successfully enhances its budget policy, reduces the debt burden, and minimizes costs associated with public debt servicing.

     

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    16.12.2023, 00:21   Comments (0)   2311
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