JSC Bank Kassa Nova increased its authorized capital by 12%, or approximately 1.13 billion Kazakh tenge, via the issuance of 1,125,000 common shares with a value of 1,000 tenge apiece.

Following the hike, the lender's authorized capital amounts to about 10.36 billion tenge, Kassa Nova said June 8.

The increase will help the bank improve its financial indicators, expand the client base and ensure asset growth, while also increasing its stability, according to Kassa Nova's majority shareholder Bulat Utemuratov.

As of June 8, US$1 was equivalent to 314.25 Kazakh tenge.