S&P shifts Bank RBK view to positive

S&P said it revised the outlook on Bank RBK to positive from stable. At the same time, S&P affirmed the B- long-term global scale issuer credit rating and the kzBB Kazakhstan national scale rating.

“We revised the outlook to positive because we see Bank RBK’s management team has been making consistent progress in stabilizing its asset quality. We positively view the fact that the share of problem loans (by which we mean ‘stage 3’ and ‘purchased or originated financial asset loans’ under International Financial Reporting Standard 9) has significantly reduced to 18% over the past nine months, from 28%, mostly thanks to management’s consistent efforts at recovery of the legacy loan portfolio. We note that the bank has a structurally high proportion of highly liquid government securities on the balance sheet (25% of total assets as of Sept. 30, 2019), which reduces overall credit risk compared with domestic peers,” said S&P in a press release.

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