17 July 2019 y. / 17:07
The Moody's Investors Service (Moody's) international rating agency assigned Kazakhstan “Bank RBK” JSC (hereinafter - the Bank) a long-term deposit rating in national and foreign currencies at B2 level. The long-term counterparty risk rating is assigned at B1 level.
The forecast for long-term deposit ratingыand the overall forecast of the company is - stable.
When assigning the rating, agency analysts took into account that the Bank received significant cash injections from its new shareholder, Mr. Vladimir Kim in 2017–2018, as well as a subordinated loan from the National Bank of the Republic of Kazakhstan.
“As a result of significant shareholder support, the bank capitalization has recovered to a level sufficient to cover potential losses - the ratio of equity to assets weighted by risk was 12%,” the agency reports.
Moody’s notes high liquidity ratios for the Bank. In particular, the share of liquid assets at the end of 1 quarter of 2019 is more than 35% in the structure of the total assets of the Bank. The agency expects the Bank liquidity reserve to remain high.
Bank RBK deposit ratings include the possibility of support from the government of Kazakhstan if necessary, Moody's notes.
Moody’s analysts stated the improvement in the quality of the Bank assets. The Bank credit rating reflects high liquidity and an adequate ability to absorb potential losses.
"We are pleased to mark the beginning of the cooperation of Bank RBK with the Moody's international rating agency. We are confident that the highly professional experts of the agency will appreciate the success of the bank that consistently implements its development strategy aimed at building a sustainable, modern financial institution that provides exceptional service to its customers. At the same time, the bank is ready to take into account the comments of the agency in order to improve its operations, strengthen business positions and increase competitiveness" said Natalia Akenteva, the Chairman of the Board of the Bank RBK.
As of July 1, 2019, the assets of Bank RBK JSC amounted to 618.3 billion tenge, customer funds - 277.1 billion tenge, including individual deposits - 152.5 billion tenge. The Bank equity as of reporting date amounted to 81.3 billion tenge. The Bank profit for the first half of 2019 amounted to 2.8 billion tenge.
KSS Finance LLP is considered to be the Bank major shareholder (over 99% of voting shares), a structure wholly owned by Vladimir Kim, President of Kazakhmys Holding LLP.
The bank is represented in the cities of Astana, Almaty, Aktau, Aktobe, Atyrau, Karaganda, Pavlodar, Taldykorgan, Ust-Kamenogorsk, Shymkent, Balkhash, Zhezkazgan, Satpayev, Semey and Ekibastuz.
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