S&P Global Ratings has upgraded the rating of Uzbekistan's Kapitalbank from 'B-' to 'B'. The forecast is Stable.

Analysts noted a significant strengthening of the bank's position on the Uzbek financial market. In particular, it observed growth in retail lending and deposits of individuals. The rating agency also confirmed the bank's short-term credit rating at the 'B' level.

The agency's analysts noted the strengthening of the bank's business position. Today, according to S&P Global estimates, Kapitalbank ranks seventh in Uzbekistan in terms of assets, while as of July 1, the bank became one of the leading banks in Uzbekistan in terms of retail lending and deposits of individuals.

"We believe that a recognizable brand, leading positions in the field of digital innovation, a professional management team and the support of shareholders create good conditions for the further development of the credit and commission business. In this regard, we have upgraded the long-term credit rating of Kapitalbank to level B, which reflects the improvement of its business position," S&P said.

In addition, according to the agency's estimates, Kapitalbank occupies 14% of Uzbekistan's retail lending market and almost 16% of its retail deposit market. The bank's loan portfolio has increased by 75% over the past few years, something which was facilitated by high brand awareness, improved customer service quality and the development of digital products, as well as significant investments in development.