The Sustainable Fitch rating agency has upgraded the ESG rating of Development Bank of Kazakhstan JSC from level "3" to level "2," with an overall score of 64 out of 100 (previously 60 score). This reflects the Bank's effective efforts in implementing ESG principles in its operations, among its borrowers, and in the development of sustainable financing.
According to the long-term Strategy for 2024–2033, DBK places special emphasis on increasing the Bank's contribution to the country's economy, efficient asset management, and sustainable development. The upgrade in the ESG rating highlights the Bank's commitment to the principles of sustainable development, governance, transparency, and social responsibility.
The Agency emphasizes that the Bank's activities have a positive impact on Kazakhstan's socio-economic development, with a significant share of "green" and social projects noted in its loan and leasing portfolio.
The DBK has successfully issued "green" and sustainable bonds to support implementation of sustainable projects and has joined several international initiatives, including UN Global Compact, Green Investment Principles, and Global Capacity Building Coalition.
A significant power in upgrade of the ESG rating was improvement in ESG information disclosure and its verification as part of the Annual Report, in accordance with international standards such as GRI, SASB, IFRS S1, S2, as well as national requirements from the Agency for Regulation and Development of Financial Market and KASE. Positive contributions were also made by the established ESG goals aimed at reducing emissions and resource consumption, along with the disclosure of data on the Bank's carbon footprint and financed emissions.
The Agency highly commended DBK's corporate governance, highlighting transparency and efficiency of processes, including presence of independent directors on the Board of Directors, as well as performance of the Audit Committee and Internal Audit Service. Sustainable Fitch also emphasized Bank's social metrics: strong level of gender equality and inclusivity among employees and management, participation in charitable and sponsorship projects, increase in share of local suppliers in procurement, and conduct of quarterly customer satisfaction surveys, results of which are published on Bank's website.
