JSC Kaspi.kz S&P revises outlook for Kaspi Bank to Positive (5076D)
June 29 2021 - 7:18AM
UK Regulatory
TIDMKSPI
RNS Number : 5076D
JSC Kaspi.kz
29 June 2021
S&P Global revises outlook for Kaspi.kz's Kaspi Bank to
Positive
Earlier today S&P Global announced its decision to revise
the outlook for Kaspi Bank, a core component of Kaspi.kz's Fintech
Platform, to Positive citing strong asset quality, solid operating
performance and shift towards BNPL and merchant financing.
According to S&P Global:
-- "Operating performance remained strong in 2020 and
first-quarter 2021. Return on average equity exceeded 70% over this
period and we expect returns to stay at least at this level over
the next two years."
-- "Despite the COVID-19 pandemic, the group's cost-of-risk
reduced to a five-year low of 1.7%. The bank demonstrated much
lower credit losses compared with domestic peers as well as retail
monoline banks in Russia."
-- "We think asset quality is likely to be supported by the
bank's ongoing shift towards BNPL loans and merchant
financing."
-- "The ongoing changes in the lending mix go together with
improvement of underwriting and collection processes, which might
further support sustainably lower credit losses."
At the same time, S&P reaffirmed its BB-/B rating and 'kzA'
Kazakhstan national scale rating on Kaspi Bank.
About Kaspi.kz
Kaspi.kz is the largest Payments, Marketplace and Fintech
Ecosystem in Kazakhstan with a leading market share in each of its
key services and products. At the core of the Kaspi.kz Ecosystem is
the Kaspi.kz Super App, the leading mobile app in the country.
The Kaspi.kz Super App serves as a single gateway to all
services and is an integral part of people's daily lives in
Kazakhstan. As people's daily lives become increasingly
digitalised, Super App usage is expected to grow supported by
accelerating consumer adoption of cashless payments, e-Commerce and
digital financial services.
Kaspi.kz's Ecosystem business model, where the growth and
development of one service contributes to the growth and
development of other services, creates a powerful virtuous cycle. A
growing number of services being used by consumers results in
synergies across all Platforms, structurally high profitability and
creates a powerful self-reinforcing network effect, giving Kaspi.kz
strong competitive advantages.
Kaspi.kz has been listed on the London Stock Exchange since
2020.
For further information david.ferguson@kaspi.kz +44 7427 751
275
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June 29, 2021 07:18 ET (11:18 GMT)
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