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News20.04.2022

Moody's affirms Jusan Bank's B1 ratings with a

On 12 April 2022, the international rating agency Moody's Investors Service affirmed Jusan Bank's long-term local and foreign currency deposit ratings at B1 with a "stable" outlook.

According to Moody's analysts, Jusan Bank, along with other STBs, has demonstrated resilience to increased social and political risks in the country, both in terms of its operational performance and its creditworthiness. In its conclusion, despite its significance for the country, the agency notes that the January 2022 events did not worsen the financial prospects of the population and business segment in Kazakhstan and caused only limited operating losses for Kazakhstan's banks.  

In affirming the ratings, the agency's view was based on a comprehensive assessment of the key current performance indicators of Jusan Bank, and took into account the current context of macroeconomic and geopolitical tensions.

"The ratings affirmation also takes into account Moody's expectation that the banks' operating environment and creditworthiness will demonstrate resilience to potential challenges arising from the Russia-Ukraine military conflict, including disruptions in operations, tighter funding conditions, potential exchange rate volatility and higher inflation," the agency said in a statement.

«The current strategy of our bank takes into account the volatility of the external macroeconomic and geopolitical situation in the world. We are closely monitoring current events and are taking all necessary steps to maintain our financial stability and mitigate those factors that may adversely affect the bank's development and client service," says Nurdaulet Aidossov, Chairman of Management Board of Jusan Bank. - We obtained high ratings from Moody's last June and managed to maintain them when the external environment became even more aggressive. The affirmation of the ratings represents an objective assessment of the current strong financial position of Jusan Bank. We intend to strengthen them further, the platform for this remains our Jusan digital services ecosystem with a focus on the retail, SME and prime banking segments».

As of 1 March 2022, according to the National Bank of Kazakhstan, Jusan Bank is among the largest banks in Kazakhstan, ranking fifth by assets portfolio with 2.5 trillion tenge, sixth by loan portfolio size with over 1 trillion tenge, and seventh by total corporate and retail deposits at 1.3 trillion tenge. Jusan Bank's prudential ratios continue to far exceed the minimum requirements set by the Regulator and reflect its large margin of safety: in March, the capital adequacy ratio (k1) at Jusan Bank was 31% which was more than five times the statutory requirement, while the current liquidity ratio (k4) was more than six times the statutory requirement at 205%.

In its conclusion, Moody's notes that this rating action completes the review initiated by the agency in January 2022 for Kazakh financial institutions, including Jusan Bank. 

Licence No. 1.2.35/225/37 dated 07.04.21 issued by the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market.

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