Fortebank Joint Stock Company ForteBank Announces Asset Quality Review Results
March 03 2020 - 4:45AM
RNS Non-Regulatory
TIDM45XV
Fortebank Joint Stock Company
03 March 2020
Nur-Sultan
02/28/2020
PRESS RELEASE
ForteBank Announces Asset Quality Review (AQR) Results
According to the results of the Asset Quality Review (AQR)
carried out by the National Bank of the Republic of Kazakhstan with
the involvement of independent audit companies, ForteBank JSC
informs its customers, investors and partners that the AQR
confirmed the Bank's strong position and significant excess of the
Bank's capital above regulatory and prudential capital requirements
(K1 and K2).
Asset Quality Review (AQR) was carried out in accordance with
the methodology of the European Central Bank, which provides
unified approaches to asset assessment, conservatism in assessing
impairment triggers, completeness of information, independence and
thoroughness in audit procedures. The AQR review served as
additional stress testing for the credit loss model and collateral
assessment used by the Bank, and confirmed their sufficient level
of conservatism. Immaterial discrepancies in provision accruals in
accordance with IFRS, identified during the AQR as of April 1,
2019, amounted to less than 1.2% of the Bank's capital and have
been considered during the audit.
ForteBank JSC, being a large financial institution in
Kazakhstan, supports efforts of the Regulator in elaborating
systematic financial regulation and supervision measures and will
develop internal systems and processes in accordance with the
adopted recommendations.
The results of the AQR will certainly improve the transparency
of information on the condition of the banking system of Kazakhstan
and will contribute to the sustainable development of the country's
financial sector.
______________________________________________________________________________
As of December 31, 2019 ForteBank is the third largest bank in
Kazakhstan in terms of assets and holds leading positions in terms
of capitalization and liquidity. The capital adequacy ratio K1
amounted to 17.0%, K2 - 18.3% (with minimum requirements of 5.5%
and 8%, respectively). K4 liquidity level was 165.2%, with a
minimum requirement of 30%.
Contacts:
Investor Relations
Tel. +7 (7172) 58 75 75 (int. 10249)
E-mail: IR@fortebank.com
Media Service
Tel.: +7 (7172) 59 99 99 (int. 10868)
E-mail: PR @fortebank.com
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END
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