Tear Sheet: Trade and Development Bank JSC

This report does not constitute a rating action. What's new: Trade and Development Bank JSC (TDB) will likely shift its focus to capital management rather than rapid growth. We expect the bank's loan growth to dip to about 15% in 2026 from 28% in 2025. We forecast broadly stable profitability over the next two years. Annualized return on average assets fell to 1.0% in the first quarter of 2026, from 1.3% in the same period a year ago. This reflects normalization of annualized credit cost ratio to 1.2% from a low of 0.4%. The rise in credit losses mainly came from unsecured retail loans after recent rapid growth. Why it matters: TDB?s slowing growth, steady profits, and moderate dividend payouts

...Ratings Detail (as of May 13, 2026)* Trade and Development Bank JSC Issuer Credit Rating B+/Positive/B Senior Unsecured B+ Issuer Credit Ratings History 31-Oct-2025 B+/Positive/B 09-Oct-2024 B+/Stable/B 12-Nov-2018 B/Stable/B Sovereign Rating Mongolia ##-/Stable/B Related Entities Mongolia Issuer Credit Rating ##-/Stable/B Transfer & Convertibility Assessment ## Senior Unsecured ##- *Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees....

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