BAKU, Azerbaijan, March 22. S&P Global Ratings has confirmed “Short and long-term credit ratings” of 7 Kazakhstan’s financial organizations with Stable Outlook, Trend reports, citing S&P Global Ratings.
According to the information, the long-term and short-term credit ratings of Kazakhstan’s National Bank have been confirmed at the level of "BB+/B", while Kaspi Bank at the "BB/B" level, CenterCredit Bank - at the "B+/B" level, ForteBank - at the "BB-/B" level.
At the same time, the long-term and short-term credit ratings of Nurbank "B-/B" level, Kazakstan’s Freedom Bank - "B/B" level, as well as "Microfinance Organization OnlineKazFinance" JSC, "B-/B" level were also confirmed.
S&P Global Ratings notes that in 2022, Kazakhstan’s financial sector gained a net profit of $3.2 billion, which is 14 percent higher in terms of the national currency, compared to the figure for 2021.
Meanwhile, S&P Global Ratings expects that the financial sector of Kazakhstan will show the same level of profit in 2023, with an average return on equity (ROAE) of 25-30 percent and a net interest margin of more than 5 percent.
Furthermore, S&P Global Ratings forecasts that Kazakhstan's real GDP will increase by about 4 percent in 2023. Over the next three years, the agency estimates that growth will average slightly less than 4 percent per year. The key factor supporting this forecast is the expansion of production at the Tengiz oil field in Kazakhstan’s Atyrau Region.
