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Fitch Upgrades ForteBank Rating to “BB-“, Stable Outlook

On 14 September 2022 the international rating agency Fitch Ratings upgraded the Long-Term Issuer Default Rating of ForteBank to BB-, with Stable outlook.

15.09.2022

On 14 September 2022 the international rating agency Fitch Ratings upgraded the Long-Term Issuer Default Rating of ForteBank to BB-, with Stable outlook. The rating upgrade reflects the extended record of robust profitability of Forte, capitalization growth, material reduction in legacy asset-quality risks, as well as the strong funding and liquidity. The agency notes that Forte has achieved noticeable growth of lending in all business segments. The loan book has expanded 26% during the first half of 2022.

On 14 September 2022 the international rating agency Fitch Ratings upgraded the Long-Term Issuer Default Rating of ForteBank to BB-, with Stable outlook. The rating upgrade reflects the extended record of robust profitability of Forte, capitalization growth, material reduction in legacy asset-quality risks, as well as the strong funding and liquidity. The agency notes that Forte has achieved noticeable growth of lending in all business segments. The loan book has expanded 26% during the first half of 2022.

Fitch analysts believe that Forte and the banking sector of Kazakhstan as a whole are resilient to external shocks caused by the Russian-Ukrainian conflict, due to the high return on equity and liquidity.

Fitch analysts believe that Forte and the banking sector of Kazakhstan as a whole are resilient to external shocks caused by the Russian-Ukrainian conflict, due to the high return on equity and liquidity.

«Forte business model has demonstrated resistance to the external shocks caused by recent events in Kazakhstan and worldwide. Our clients have truly appreciated implementation the wide range of products, high-quality service, handy app and value the reliability of Forte. As the result, the Bank has strengthened its market position in all segments of clients, has increased return on equity and improved the loan portfolio quality, which were considered while upgrading our rating by Fitch», - noted Mr. Bekzhan Pirmatov, the Chairman of the Management Board of ForteBank. According to IFRS consolidated reports, ForteBank’s assets have grown by 8% in the first half of 2022. The Bank’s loan portfolio has exceeded KZT 1 trillion, with a 26% growth as opposed to a 5,5% average growth throughout the sector. The consolidated net profit of the Bank has exceeded KZT 44 billion (profit in the 1st half-year of 2021 amounted to KZT 31,6 billion).

«Forte business model has demonstrated resistance to the external shocks caused by recent events in Kazakhstan and worldwide. Our clients have truly appreciated implementation the wide range of products, high-quality service, handy app and value the reliability of Forte. As the result, the Bank has strengthened its market position in all segments of clients, has increased return on equity and improved the loan portfolio quality, which were considered while upgrading our rating by Fitch», - noted Mr. Bekzhan Pirmatov, the Chairman of the Management Board of ForteBank. According to IFRS consolidated reports, ForteBank’s assets have grown by 8% in the first half of 2022. The Bank’s loan portfolio has exceeded KZT 1 trillion, with a 26% growth as opposed to a 5,5% average growth throughout the sector. The consolidated net profit of the Bank has exceeded KZT 44 billion (profit in the 1st half-year of 2021 amounted to KZT 31,6 billion).

Mass media contact: Yerkin Uderbay, +7 777 731 99 33

Mass media contact: Yerkin Uderbay, +7 777 731 99 33

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