Fitch international rating agency has upgraded ForteBank's Long-Term Issuer Default Ratings to 'BB' with a 'Stable' Outlook. According to the release of the agency, Forte's rating upgrade reflects the Bank's improved asset quality, which is supported by an only moderate share of loans in total assets at 42% at the end of the first half of 2023.

Fitch draws attention to the Bank's intrinsic strengths, in particular, solid capital and liquidity buffers and robust operating profitability. Forte has demonstrated strong performance in the past four years, with operating profit averaging 4.7% of risk-weighted assets.

A positive factor is the balance of Forte’s portfolio by segments. Forte has good access to the largest Kazakh corporates, including export-oriented companies, in addition to its focus on consumer finance and SME lending.

“In the past 12 months, Forte's rating has been upgraded for the second time, which is a rare event. Fitch's assessment shows how accurately the expert community understands Forte's effective strategy and policies in the market. The 'BB' rating is one of the highest in the sector and is the result of a significant improvement in the bank's performance, reflects our financial strength and demonstrates that Forte is a strong and reliable bank for clients in any segment,” commented Bekzhan Pirmatov, Chairman of the Management Board of ForteBank.

Forte is the fourth largest private bank in Kazakhstan in terms of assets, has a wide branch network in all regions of the country.