The international agency S&P Global Ratings upgraded ForteBank’s long-term credit rating from “B+” to “BB-” with a “Stable” outlook. The bank’s rating on the Kazakh national scale was upgraded by the agency from “kzBBB+” to “kzA-“.
S&P Global Ratings reports that ForteBank’s capitalization figures strengthened and expects the bank to maintain larger capital stock and continue to rank among the top five Kazakhstani banks assets-wise: “We believe that the balance of loan and deposit portfolios in terms of diversification in retail and corporate clients and generation of sustainable new business supports the bank’s market positions. For 2021, the bank showed in the consolidated financial statements a net profit of 64 billion tenge, which corresponds to the return on average equity at around 23.7 percent. For the first five months of 2022, the bank’s net profit, according to statements prepared in compliance with national accounting standards, amounted to about 30 billion tenge. We expect it to continue generating sustained profit throughout 2022, profitability at this will be about 20%.”