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International rating agency S&P Global Ratings upgraded the rating of JSCB “Kapitalbank” due to strengthening of the bank’s positions in the market
07/21/2023 20:16:52

On July 21, 2023, the international rating agency S&P Global Ratings upgraded the rating of JSCB “Kapitalbank” from “B-” to “B”, outlook - “Stable”. Analysts of S&P Global Ratings noted a significant strengthening of the bank’s position in the financial market of the country, in particular, the growth of retail lending and retail deposits. The rating agency also confirmed the short-term credit rating of the bank at the level of “B”.

Analysts of the agency noted the strengthening of the bank’s business positions – so, today, according to S&P Global estimates, JSCB “Kapitalbank” ranks seventh in the country in terms of assets, while as of July 1, 2023, the Bank became the leader among banks in Uzbekistan in terms of retail lending and retail deposits.

“We believe that our recognizable brand, leading position in digital innovation, professional management team and shareholder support create good conditions for further development of our lending and commission business. In this regard, we have upgraded the long-term credit rating of JSCB “Kapitalbank” to “B”, reflecting its improved business position,” the

Today, according to independent analysts’ estimates, JSCB “Kapitalbank” occupies 14% of the retail lending market and almost 16% of the retail deposit market. The Bank’s loan portfolio has grown by 75% over the past few years, driven by high brand awareness, improved customer service and digital product development, as well as significant investments in growth.

– Assessments of international experts have once again confirmed the position of JSCB “Kapitalbank” in the financial market of Uzbekistan and the effectiveness of the bank’s development strategy, – says Kirill Mayevsky, Chairman of the Board of JSCB “Kapitalbank”. – And, of course, this is an important signal for our partners and clients: we can really be trusted with personal savings and company accounts. JSCB “Kapitalbank” today is one of the most stable and reliable banks in the country.

According to the forecasts of S&P Global Ratings analysts, in the next two-three years the bank will continue to increase its loan portfolio by 50%-60% per year, both at the expense of retail clients and by developing services for small and medium-sized businesses, which will also allow it to maintain an optimal cost-to-income ratio of 40%-42% and return on equity of 40% or more, which is a good indicator for the local market.

Today JSCB “Kapitalbank” is the largest private bank in the country in terms of assets, its clients are more than 1.5 million individuals and more than 40 thousand entrepreneurs. More than 100 branches of the bank operate in all regions of the country. JSCB “Kapitalbank” was one of the first banks in the country to modernize its ATM network, and today all ATMs of the bank accept cards of both national and international payment systems.

About S&P Global Ratings

S&P Global Ratings is part of the S&P Global Group (NYSE: SPGI), a leading global provider of credit ratings, benchmarks, research and business solutions to organizations in the global financial, commodity and automotive markets. The products and services offered by S&P Global help many leading global companies navigate the economic landscape and plan for the future with confidence.

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