Moody's Confirms Stable Outlook For Kazakhstan's Kaspi Bank Ratings

2026-02-27 12:03:41

(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 27. Moody's Ratings has affirmed the ratings of Kazakhstan's Kaspi Bank JSC, Trend reports, citing the agency.

Moody's has affirmed Kaspi Bank's long-term local and foreign currency deposit ratings at Baa3, along with its long-term Counterparty Risk Ratings and Assessments at the same level. Additionally, the bank's short-term local and foreign currency deposit ratings were also confirmed at Prime-3. The bank's Baseline Credit Assessment (BCA) and Adjusted BCA were maintained at ba2, and the outlook on its long-term deposit ratings remains stable.

According to Moody's, this affirmation reflects Kaspi Bank's strong financial foundation, which includes robust profitability, adequate capitalization, and liquidity, as well as its proven resilience in the face of economic downturns.

The bank has consistently demonstrated strong profitability, with a return on average assets exceeding 6% over the past five years. This performance is supported by a balanced risk-return strategy and dominant market positions, which generate steady income from interest, fees, and commissions. The cost of risk has remained around 2% in recent years, while the Tangible Common Equity to Risk-Weighted Assets ratio was approximately 13% as of the first quarter of 2025.

Furthermore, Moody's highlighted the bank's stable and diversified funding base, which mitigates liquidity risks, along with a sufficient liquidity buffer, contributing to its overall financial stability.

The Baa3 long-term deposit ratings incorporate the Ba2 BCA and reflect a high probability of support from the Government of Kazakhstan if needed. Kaspi Bank is the second-largest bank in the country, accounting for about 13% of total banking system assets at end-2025.

The stable outlook indicates Moody's expectation that Kaspi Bank will maintain strong credit metrics over the next 12-18 months. Potential rating changes could depend on developments in asset quality, profitability, capital levels and business diversification.

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