ASTANA, Kazakhstan, November 7. The international rating agency Moody's has upgraded Kazakh Eurasian Bank's long-term deposit ratings to Ba3 from B1, as well as its basic credit rating to b1 from b2 and maintained a positive outlook on long-term deposit ratings, Trend reports.
The second rating upgrade in the previous six months, according to the rating agency, demonstrates an improvement in the bank's fundamental financial indicators: asset quality, profitability, and solvency.
The agency recognizes the bank's effective work to minimize problem assets, as well as a stronger risk assessment, and believes the bank's profitability and solvency will continue strong.
The upbeat outlook indicates Moody's view that the bank will be able to sustain and improve its key financial performance as the operating environment improves.
"The double rating increase in half a year is a landmark event and is the result of our healthy ambitions and ability to effectively adapt to market changes," said Lazzat Satiyeva, the bank's chairperson of the board of directors.
Among the ten largest banks in Kazakhstan, according to the results of the first half of the year, Eurasian Bank ranks second in terms of loan portfolio growth with a dynamics of 17.3 percent and in terms of ROE (48.6 percent).
