On October 29, 2020, the credit rating service of the international rating agency Standard & Poor's confirmed the long-term and short-term credit ratings “BB+/B” with a “Stable” guidance for VTB Bank (Kazakhstan). S&P also confirmed the bank’s national scale rating at “kzAA”.
“We take into account the improvement in the bank’s performance over the past two years, including the improvement in asset quality,” – pointed out in S&P Global Ratings. The rating agency also concluded: “Confirmation of the ratings reflects our view that regulatory capital and liquidity reserves will enable the bank to offset pressure connected to the adverse operating environment in Kazakhstan against the background of the economic downturn and the COVID-19 pandemic. In addition, we believe that VTB Bank (Kazakhstan) will remain strategically important for the parent group and will continue to receive support from the shareholder if necessary”.
- Confirmation of the bank’s high credit rating is a natural consequence of an effective development strategy and a balanced risk management system. This is also confirmed by the bank’s decent financial results for three quarters of this year, despite the economic downturn caused by the coronavirus pandemic, – said Dmitry Zabello, Chairman of the Board of VTB Bank (Kazakhstan).
Following the results of 9 months in 2020, VTB Bank (Kazakhstan) increased its profit by 26.2% compared to the same period last year.
Subsidiary VTB Bank JSC (Kazakhstan) is a member of the VTB international financial group. The Bank has successfully worked more than 10 years in the financial market of Kazakhstan. To date, Subsidiary VTB Bank JSC (Kazakhstan) has a branch network, consisting of 17 affiliates, located in all regions of the country. According to S&P Global Ratings, VTB (Kazakhstan) has one of the highest credit ratings among all second-tier banks of Kazakhstan. The Bank's Central Office is located in Almaty. The license of the Agency of the Republic of Kazakhstan for regulation and development of financial market No.1.2.14/39 dated February 3, 2020.