Almaty, 2 November 2023

Moody’s Investors Service (Moody’s) again upgraded the Eurasian Bank’s long-term deposit ratings to Ba3 from B1, as well as its basic credit rating to b1 from b2 and maintained a positive outlook on long-term deposit ratings.

The second rating upgrade in the last six months reflects, according to the credit rating agency, an improvement in the Bank’s fundamental financial indicators: asset quality, profitability and solvency. The Bank also used a favorable operating environment against the background of positive economic and institutional changes in Kazakhstan.

“The double increase in the rating for the first half of the year is a landmark event — the result of our healthy ambitions and ability to effectively adapt to market changes. We are glad that experts appreciate our strategy, focused on a reasonable balance of risks and profitability and aimed at developing long—term relationships and the financial well-being of our clients,” said Lyazzat Satiyeva, CEO of the Bank.

According to the results of the first half of the year, Eurasian Bank ranks second among the ten largest banks in Kazakhstan in terms of the growth rate of the loan portfolio with dynamics of 17.3% and in terms of the ROE indicator (48.6%).

The credit rating agency notes the efficient work of the Bank on reduction of distressed assets, and better risk assessment, and also believes that the profitability and solvency of the Bank remains high.

The positive outlook reflects Moody’s expectation that the improved operating environment will enable the Bank to maintain and improve its key financial performance.