On December 3rd, 2019, Fitch Ratings announced its decision to revise the outlook from Stable to Positive and to confirm the Long-Term Issuer Default Rating (IDR) of ForteBank at “B”.

 

According to Fitch analysts: “ForteBank has demonstrated stable and reasonable profitability in the past few years (ROAA and ROAE at 2,3% and 20% in 9M19, respectively), which we view as sustainable. Forte’s overall asset quality is of a lower-risk asset structure. The funding and liquidity profile is a relative rating strength.”

 

Mr. Guram Andronikashvili, Chairman of the Management Board of ForteBank, commented on the news:

 

“ForteBank’s outlook upgrade by Fitch is an important event for us and our clients, once again proving the stability and reliability of the bank. We continuously demonstrate positive financial results, which reflect deep trust of our clients in ForteBank.”

 

As a reminder, earlier Moody’s Investors Service upgraded the long-term deposit rating of ForteBank from B3 to B1 (by two notches at once), with Stable outlook, and S&P Global Ratings upgraded ForteBank’s rating from “B” to “B+”, with Stable outlook.

 

In 2019, ForteBank demonstrates qualitative growth in terms of the key financial metrics: *

·         +15,8% (+280,7 billion KZT) assets growth since the beginning of the year, which allowed the bank to join the top-3 largest banks in the country;

·         +5% (+32,6 billion KZT) bank’s loan portfolio growth;

·         +7,5% (+83,3 billion KZT) bank’s deposit portfolio growth;

·         +49,9% (+5,2 billion KZT) growth of the bank’s fee and commission income in 9M19, in comparison with the same period in 2018;

·         +46,5% growth of net profit according to the operating results in 9M19, in comparison with 9M18.

·         The Bank continues to have one of the highest capital adequacy ratio on the market – 17,4% (K2) – (data from the National Bank of the Republic of Kazakhstan)

·         Liquidity ratio also continues to stay at a high level and amounts to -156%.

* as of 01.10.2019

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Following the 2018 results, ForteBank is among the three largest banks in Kazakhstan in terms of assets, and occupies leading positions in terms of capitalization and liquidity. ForteBank mobile application was recognized as No.1 in Kazakhstan and among the top 10 in the CIS according to Markswebb, Russian analytical agency. ForteBank was recognized as “Bank of the year in Kazakhstan” by The Banker and Global Finance for the second year in a row.

Fitch Ratings revised the Outlook on ForteBank from Stable to Positive

Nur-Sultan city, 22 October 2019 – ForteBank Joint Stock Company located at: bldg. 8/1, Dostyk str., Nur-Sultan city, 010017, Republic of Kazakhstan (hereinafter referred to as the “Bank”), hereby reports the changes in the composition of the Management Board of the Bank.

In accordance with the resolution of the Board of Directors of the Bank dated 22 October 2019 (minutes of meeting No.47), as from 22 October 2019, the powers of Mr. Zh.Zh. Mamutov, a member of the Management Board – Deputy Chairman of the Management Board of the Bank, were terminated.

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