The credit rating of VTB Bank (Kazakhstan) has been affirmed at “BB +/B” with a “Stable” forecast.
On December 8, 2021, 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” forecast for VTB Bank (Kazakhstan). S&P also affirmed the bank's national scale rating at “kzAA”.
“We expect that VTB Bank (Kazakhstan) will maintain strong profitability in order to ensure the growth of its loan portfolio in the future, and the share of problem loans will be comparable to the market average. In accordance with our assumptions, we expect VTB Bank (Kazakhstan) to demonstrate positive financial results in 2021-2022, and the return on equity (ROE) ratio will be more than 20%. We note that the bank has made significant progress in resolving problem loans issued in previous years, which has a positive impact on its operating results. We do not forecast a decline in risk management standards, believing that VTB Bank (Kazakhstan) will focus on maintaining the quality of its loan portfolio, which will have a positive effect on profitability and capitalization indicators in the next two years, Standard & Poor's" said in a statement.
According to the results of 11 months of 2021, VTB Bank (Kazakhstan) increased profit by 102%, compared to the same period last year.