S&P Global Ratings has revised the forecasts for five Kazakh banks to "Positive" due to improved asset quality and regulatory supervision.
The message highlights that the Kazakh banking sector has demonstrated better resilience to macroeconomic challenges in recent years amid heightened geopolitical risks in the region.
"The asset quality indicators and financial metrics of the system turned out to be significantly better than our expectations. Additionally, we observe a gradual strengthening of financial control. In our view, the regulator has taken steps to address the situation, drawing on lessons learned from past crises, such as the asset quality crisis in 2019. Therefore, we have improved our assessment of the country risk of the banking industry (BICRA) for Kazakhstan," the statement notes.
Earlier, the financial results for 2023 became known for 6 out of 10 issuers forming the Kazakhstan Stock Exchange indicator.
