International credit rating agency S&P Global Ratings has upgraded the long-term credit rating of Kapitalbank JSCB from 'B+' to 'BB-'. The short-term rating has been affirmed at 'B'. The agency’s analysts highlighted the bank’s resilient profitability, stable asset quality, and strengthened capital position.
S&P expects the Bank to continue delivering solid financial results, maintaining a high net interest margin (around 8–8.5%) and return on equity (ROE) of 25–27% by the end of 2025, which is comparable to leading market players. As of June 1, 2025, the Bank’s share in the retail deposit market reached 18.1%, reinforcing its status as a systemically important financial institution.
"The rating upgrade by S&P and the Bank’s strengthening market position are the result of systematic efforts — from prudent asset and risk management to the implementation of modern digital solutions and the launch of new products. However, the trust of our clients remains our top priority, as Kapitalbank continues to be a reliable partner," said Kirill Maevskiy, Chairman of the Management Board of Kapitalbank.
S&P analysts also noted the effectiveness of the Bank’s asset quality management. Despite a moderate increase in Stage 3 loans to 4.5% by year-end 2024, this level remains below the sector average. The Bank is actively enhancing its credit scoring models, strengthening debt recovery procedures and credit risk management processes, which, according to S&P, will help stabilize the NPL ratio at around 6% by the end of 2025.
S&P also views positively Kapitalbank’s integration into the Uzum ecosystem, which provides unique access to customer data, cross-selling opportunities, and strong support for digital development. This synergy is seen as a competitive advantage that enhances the resilience of the Bank’s business model.
