S&P Global Ratings Upgrades Kapitalbank to BB- with Stable Outlook

S&P Global Ratings has raised the long-term credit rating of Uzbekistan’s Kapitalbank from B+ to BB-, with a Stable outlook. The bank’s short-term rating was affirmed at B. The agency cited consistent profitability, stable asset quality, and strengthened capital as key factors behind the upgrade.

S&P expects Kapitalbank to maintain strong financial performance throughout 2025, with an interest margin of 8–8.5% and a return on equity (ROE) between 25% and 27%, aligning with leading market players. As of June 1, 2025, Kapitalbank held an 18.1% share of the retail deposit market, affirming its status as a systemically important financial institution.

«This upgrade from S&P and the strengthening of our market position are the results of disciplined asset and risk management, digital innovation, and the launch of new products. But most importantly, it reflects the trust of our customers, for whom Kapitalbank is a reliable partner,» said Kirill Maevsky, Chairman of the Management Board.

S&P analysts also highlighted effective asset quality measures. While non-performing loans (Stage 3) rose to 4.5% at the end of 2024, this remains below the sector average. The bank continues to enhance its credit scoring systems and strengthen loan recovery and risk management processes, which S&P expects will stabilize the NPL ratio at around 6% by the end of 2025.

The agency also noted Kapitalbank’s successful integration into the Uzum ecosystem, which provides access to client data, supports digital development, and enhances cross-selling opportunities. This synergy is considered a competitive advantage that reinforces the bank’s business model resilience.

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