Moody’s improves outlook to positive for ForteBank
On November 01, 2023, Moody’s Investors Service affirmed ForteBank’s long-term deposit rating at Ва2 and changed the outlook from “Stable” to “Positive”.
The affirmation of ForteBank’s rating reflects its strong capitalization, ample liquidity, and strong profitability. Moody’s emphasizes a balance of risks and ForteBank’s strong key metrics.
The positive outlook reflects the ability of the Bank management to secure significant progress in improving the asset quality and increase profitability against the backdrop of the improving situation in the financial market of Kazakhstan. The agency believes that the growing Kazakhstani economy, reducing inflation and a strong competitive position provide an opportunity for the Bank to develop franchises without taking excessive risks.
“Forte team has been consistently working on improvement of the key metrics, ensuring balanced growth of portfolios, retaining high capitalization and liquidity. As the result, the Bank continues to strengthen; its reliability for the customers increases, which is evidenced by ratings upgrades and positive changes to the outlook”, - noted the Chairperson of the Management Board Mr Bekzhan Pirmatov.
In August 2023, Fitch rating agency upgraded ForteBank’s rating to BB, with a stable outlook. The agency noted that the upgrade of ForteBank’s rating reflected the Bank’s asset quality improvement supported by the moderate share of loans.