Tengribank Strengthens Position on Kazakh Market

The international rating agency S&P Global Ratings confirmed Dec. 22, 2016 the long-term credit rating of TengriBank at B+, which reflects the bank’s stable financial status, provided also due to high quality of the loan portfolio and high level of the capital adequacy.

Enjoying the unconditional support of Punjab National Bank, the assets of TengriBank as of Dec. 31, 2016 stood at 71 billion tenge (US$213 million), 30.8 percent higher than in the previous year. The bank’s loan portfolio also increased during the year by 128 percent and reached 53 billion tenge (US$159 million).

Among 34 second-tier banks in Kazakhstan, only five local banks have ratings higher or equal to that of TengriBank.

During 2016, the bank continued to increase the resource base, strengthening its relations with clients and offering them a wide range of competitive banking products and services. The growth resulted in the increase in the total volume of clients’ funds on accounts by 168.6 percent up to 44.5 billion tenge (US$133.6 million).

The bank’s net profit at the end of 2016 compared to the previous year grew 103.5 percent and stood at 480 million tenge (US$1.441 million). According to the bank, all indicators are given in compliance with the International financial reporting standards (IFRS).

“TengriBank holds ground, continues to develop and augment its potential. The bank’s development strategy facilitates increase in stability, increase in volume of active operations for financing the projects of corporate and private clients, and it enables expanding opportunities for business diversification. The bank has substantial capital adequacy and fully meets the regulatory requirements to capitalisation,” noted Yerzhan Shaikenov, Chairman of the Management Board of TengriBank, in a press release on its website.

In 2017, TengriBank will proceed with the branch network development, the product line improvement and service quality improvement for its clients.

TengriBank is a commercial bank with more than 20 years of history on the market in Kazakhstan with branches in Almaty, Karaganda, Temirtau, Pavlodar and Astana. The bank is set to open new branches in other regions of Kazakhstan soon, as well as is about to open renovated offices in Almaty and Astana, and a branch in Shymkent.

The bank is a member of Financiers Association of Kazakhstan, Kazakhstan Deposit Insurance Fund, Kazakhstan Mortgage Loan Insurance Fund, and Kazakhstan Stock Exchange.