Banks in Kazakhstan

2025

5 largest banks of Kazakhstan in terms of deposits of legal entities

In 2025, the inflow of funds of legal entities to the banks of Kazakhstan was more stable, there were no sharp outflows. The volume of deposits of legal entities increased by 0.87% or 159.5 billion tenge to 18.6 trillion tenge. The largest banks in terms of growth in deposits of legal entities:

• Bank CenterCredit - by 646 billion tenge or 26.11% (up to 3.1 trillion tenge),
• Halyk Bank - by 576.5 billion tenge or 10.4% (up to 6.1 trillion tenge),
• ForteBank - by 557 billion tenge or 30.4% (up to 2.4 trillion tenge),
• Kaspi Bank - by 231 billion tenge or 35.14% (up to 887 billion tenge),
• Bereke Bank - by 221 billion tenge or 26% (up to 1 trillion tenge),
• Bank RBK - by 199 billion tenge or 19.7% (up to 1.2 trillion tenge).^[1]

Growth in the volume of issuing consumer loans in Kazakhstan by 21% to 16.7 trillion tenge

In January 2026, the Agency for Regulation and Development of the Financial Market (ARRFR) of Kazakhstan reported a slowdown in consumer lending growth in the country: in 2025, the increase was 21%, which is 12.5 percentage points lower than in 2024, when growth reached 33.5%. The volume of the portfolio of such loans at the end of 2025 is estimated at 16.7 trillion tenge.

According to the ARRFR, the slowdown is associated with an increase in the caution of banks and borrowers after regulatory requirements have tightened. The continuing double-digit growth in the segment is largely due to car loans, which remains a key driver, the department said. This is due to the relaxation of regulatory conditions for the purchase of domestically produced cars.

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Фото: Unsplash

At the same time, there was a significant slowdown in the field of unsecured consumer loans. The growth rate fell from 29.3% in 2024 to 14.5% in 2025. As of January 1, 2026, the portfolio of such loans amounted to 11.6 trillion tenge. Collateral lending, excluding car loans, showed comparable growth rates: 28.5% in 2025 against 27.4% a year earlier, and its volume reached 1 trillion tenge.

Earlier, on January 23, 2026, the Chairman of the National Bank of Kazakhstan Timur Suleimenov announced the strengthening of macro and microprudential measures together with the ARRFR. The main goal of these measures was to limit the proinflationary pressure. To achieve this goal, the requirements for the quality of loans issued and the procedures for assessing the level of debt burden were also increased.

According to the reports of the National Bank for 2025, the portfolio of consumer loans increased by 21.1% to 16.6 trillion tenge. The portfolio of loans to business from second-tier banks increased by 18.4% to 15.4 trillion tenge, but the growth rate decreased from 20% in 2024. The mortgage portfolio grew by 15% to 6.9 trillion tenge.^[2][3]

Net profit of Kazakh banks for the year increased by 6.7% and reached 412 billion rubles

The net profit of the banking sector of Kazakhstan in 2025 amounted to 2.7 trillion tenge (about 412 billion rubles). These data of the National Bank of the Republic of Kazakhstan, published in January 2026, indicate an increase in the indicator by 6.7% in annual comparison.

The rate of profit growth slowed down from 2024, when the increase was 17%. The amount of corporate income tax paid by banks increased by 51%, reaching 681.7 billion tenge. The total assets of banks increased by 15% to 70.8 trillion tenge.

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Фото: Freepik

The main factor of growth was lending: according to the National Bank of Kazakhstan, the volume of requirements to customers increased by 20% or by 6.6 trillion tenge, reaching 39.7 trillion tenge. The volume of highly liquid assets in the National Bank decreased by 25% to 5.4 trillion tenge. The sector's liabilities grew by 14.3% to KZT 60.2 trillion, while deposits decreased by 12.8% to KZT 42.9 trillion. The volume of repo operations, which are one of the forms of raising funds, increased by 35% to 1.9 trillion tenge.

According to the results of ten months of 2025, the total profit of the sector reached 2.3 trillion tenge, including 229 billion tenge received in October. After the decline in indicators in September, most banks regained momentum, the National Bank of Kazakhstan reports.

In October 2025, the following banks formed the top five in terms of net income:

• Halyk Bank with a result of 84.5 billion tenge;
• Kaspi Bank with a profit of 51 billion tenge;
• Alatau City Bank, which received 20.9 billion tenge;
• Bank CenterCredit with an indicator of 16 billion tenge;
• ForteBank, whose profit amounted to 13.5 billion tenge.

A significant change in the ranking was Alatau City Bank's return to third position after a loss-making period in September 2025. The Halyk Bank indicator in October increased by 9.5 billion tenge compared to the previous month, and Kaspi Bank - by 1 billion tenge.^[4][5]

Kazakhstan introduced a ban on the issuance of online loans without passing biometrics

On November 26, 2025, the deputies of the Mazhilis adopted the bill "On banks and banking activities in the Republic of Kazakhstan." The document includes amendments that tighten the procedure for obtaining loans. The measure is a logical continuation of the security policy in the banking sector, the key innovation of which was the requirement for the mandatory use of biometric identification and electronic signature when issuing loans via the Internet from January 1, 2025.

Under the new rules, the borrower, when first applying for a loan, is obliged to personally attend the bank for biometric identification. This process involves scanning unique physical parameters, such as fingerprints or face images, to confirm identity. The issuance of an electronic digital signature by banks will be allowed only with the consent of the client and subject to the biometric procedure.

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Фото: Unsplash

These legislative changes are consistent with the previously announced position of the regulator. In 2024, Chairman of the National Bank of Kazakhstan Timur Suleimenov, responding to the official request of the deputies, spoke out against the complete ban on online lending. According to the head of the National Bank, the introduction of such a sanction is premature and can reduce the availability of financial services for the population and entrepreneurs.

Timur Suleimenov also said that a set of measures to counter fraud is already being implemented in the country. A special anti-fraud center has been created in Kazakhstan, requirements for the security of mobile applications have been strengthened, banks are obliged to inform customers about the movements of funds. A rule has been established for microfinance organizations: before transferring money, the client must confirm that the specified bank account or payment card belongs to him.^[6][7]

How much do Kazakhstani banks spend on combating fraudsters

Banks of Kazakhstan send an average of 0.15% of the annual volume of online transactions to anti-fraud measures (procedures for countering financial fraud). This data was published on November 26, 2025 by Baraiq, an anti-fraud solutions developer.

This percentage includes software costs, licenses, monitoring and investigation team content, customer communication, staff training, and outsourcing. For every 1000 tenge of intra-bank transfer, about 1.5 tenge is spent on verification, while checking interbank transactions costs 10 tenge from the same amount.

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Фото: Freepik

For a bank with a daily turnover of 5 billion tenge, the annual costs of anti-fraud systems amount to about 220-350 million tenge. According to Baraiq experts, this is comparable to $400-600 thousand with an annual turnover of the bank of about $4 billion.

Investments in modern fraud prevention systems demonstrate high efficiency: each investment dollar can prevent losses in the amount of $8 to $15. The implementation of real-time monitoring and machine learning solutions increases this figure to $20-30 for every dollar invested.

The relevance of strengthening protection is confirmed by statistics: in 2025 alone, more than 80 thousand incidents related to financial fraud were recorded in Kazakhstan, and the number of victims exceeded 10 thousand people. The average damage from fraud per client in Kazakhstan is estimated at 2.8 million tenge, and the total annual losses in the country exceed 30 billion tenge.

According to Baraiq estimates, with the current record volume of online payments in Kazakhstan - about 500 billion tenge per day - from 5 to 50 million tenge is under threat of theft daily. On an annual scale, potential losses from fraud only in the segment of online payments of individuals of Kazakhstan are estimated by Baraiq experts at 18 billion tenge.^[8]

20 largest banks in Kazakhstan

The largest Kazakh bank as of January 1, 2025 remains Halyk Bank with a capital of ₸3,07 trillion. The second position is occupied by Kaspi Bank, its capital reached ₸1,03 trillion, and Zhusan Bank is in third place with an indicator of ₸849,5 billion. Current data on the state of the country's banking system were published in February 2025.

According to the Agency for Regulation and Development of the Financial Market of Kazakhstan, 12 banks have foreign participation in the general structure of the country's banking system, including 9 subsidiary banks. Assets of the entire banking sector in 2024 increased by 19.7% and reached ₸61,6 trillion, mainly due to the growth of the loan portfolio by 20.0%.

The equity of all banks in 2024 increased by 29.6% to ₸8,9 trillion. At the same time, Halyk Bank, as the largest market player, demonstrated capital gains in January 2025 at ₸42 510,207 thousand. Kaspi Bank, despite the second position in the ranking, showed negative dynamics since the beginning of 2025, reducing capital by ₸3 302,904 thousand. Zhusan Bank demonstrated capital growth in January 2025 by ₸7 919,729 thousand.

Highly liquid assets of second-tier banks in 2024 amounted to ₸18,2 trillion or 29.6% of total assets, which provides a sufficient reserve for servicing obligations in full.

Financial stability of Kazakhstan's banking sector is confirmed by high capital adequacy indicators. As of January 1, 2025, the fixed capital adequacy ratio (k1) amounted to 20.4%, and the equity adequacy ratio (k2) reached 22.0%, which significantly exceeds the standards established by law.

The net profit of the banking sector in 2024 amounted to ₸2,6 trillion, which is 17.1% more than in 2023. Return on bank assets (ROA) as of January 1, 2025 was 4.6% and return on equity (ROE) was 32.5%.

2024

Bank net profit growth of 17% to ₸2,55 trillion

The National Bank of Kazakhstan recorded an increase in the net profit of the banking sector by 17.05% to ₸2,55 trillion in 2024. This became known in January 2025

Total bank revenues decreased by 1.01% to ₸71,4 trillion, with the main impact being a decrease in revenues from unrealized revaluation of assets by ₸2,59 trillion to ₸63,81 trillion, which amounted to 82.7% of total income.

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Фото: Freepik

Banks significantly increased revenues from operations with customers by 29% and income from deposits with the National Bank by 2.5 times. These figures partially offset a 65.2% decline in revaluation revenue.

Banking sector spending, including the payment of income tax, decreased by 1.6% to ₸68,85 trillion. The main share in the structure of expenses was occupied by unrealized expenses from revaluation of assets, which decreased by 4.15% to ₸59,1 trillion, amounting to 85.8% of the total.

According to the publication, the second position in the structure of expenses was taken by operations with clients, increasing by 31.6% to ₸3,13 trillion. Their share reached 4.6% of the total spending of the banking sector in 2024.

The tangible increase in income related to the receipt of remuneration for deposits placed in the National Bank amounted to ₸500,3 billion, - noted in the materials of the regulator.

The banking system of Kazakhstan has shown stability, despite the decline in income from revaluation of assets. Profit growth was driven by increased core income and cost optimization.

According to the National Bank, operations with clients showed positive dynamics, which indicates an increase in the interaction of banks with the real sector of the economy. This contributed to partial offsetting of the decline in asset revaluation revenues.^[9]

How the digitalization of banks is going

Banks in Kazakhstan are rapidly adapting to new technologies. The key drivers of digital transformation in the relevant sector are affordable Internet, high bandwidth of information transmission channels, increasing penetration of communication services and the availability of highly qualified IT specialists. At the same time, fintech companies have only a moderate presence in the market. This is stated in a study by S&P Global Ratings, the results of which were released at the end of October 2024.

The report said that enterprises from the banking sector of Kazakhstan, and especially leading players, are investing heavily in digitalization. This is primarily due to customer preferences, a high level of IT market development and fierce competition. Initiatives are being implemented to expand the offer to customers and improve the user experience. However, the transformation of the business can be fraught with certain difficulties. In particular, the risks associated with applications, services and data are increasing, which requires additional significant investments in IT, information protection and infrastructure development. According to estimates, the average share of banks' IT expenses will grow from 8-10% in 2023-2024 to 15-17% in the next three years.

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Фото: Freepik

Digitalization of the banking sector in Kazakhstan is associated with regulatory issues. In general, financial services are subject to stringent requirements, with a focus on traditional financial business models and standard banking risks. This largely limits market access for new entrants. Given the growing risk of leaks, regulators are focusing on data privacy and security. On the one hand, regulation and regulatory practices support bank investment in new technologies, but on the other hand, hinder innovation in the financial sector. The National Bank of the Republic of Kazakhstan (PBOC) continues to study the idea of ​ ​ reforming the monetary system by launching the central bank's digital currency (digital tenge) - a pilot project was organized in early 2024.

The report notes that the share of the ten leading banks of Kazakhstan in the total assets of the banking system is about 88%, and the two largest financial organizations - Halyk Bank of Kazakhstan JSC (Halyk Bank) and Kaspi Bank JSC - account for about half of all customer funds. Significant market players are also leaders in banking innovation and investment in digital transformation.

Banks have favorable positions for investing and benefiting from digital transformation thanks to the relatively underdeveloped venture capital market in Kazakhstan and the absence of potential external competitors, the authors of the study note.

Against the background of digital transformation, the model of loyalty of bank customers is changing. Instead of choosing one specific bank, consumers are increasingly turning to several organizations to conduct various transactions and receive the necessary services. The transforming preferences of customers force banks to quickly adopt digital technologies and constantly improve their products and services. Urbanization, geographical location and age in particular affect consumer preferences in the banking sector and their need for digital innovation. Most of the urban population of Kazakhstan is ready to use new financial technologies adapted to their daily financial needs. About 88% of the population is well versed in technology, use bank cards instead of cash payments, and also use Internet and mobile banking services.^[10]

In Kazakhstan, citizens were allowed to prohibit themselves from issuing loans and microloans

Citizens of Kazakhstan can voluntarily establish a ban on the registration of loans and microloans. This was announced on August 12, 2024 in the electronic government of the country eGov.kz. Read more here.

How many people in Kazakhstan use mobile banking

The number of active mobile banking users in Kazakhstan reached 23.3 million people as of April 1, 2024, an increase of 2.7% since the beginning of the year. These data indicate a continuing increase in the digitalization of the country's banking sector.

According to the Internet agency Bizmedia, over the past ten years, Kazakhstani banks have actively introduced digital technologies, transferring more and more services to the online format. This allowed a significant increase in the share of households using online banking from 19.8% to 26.8% over the past two years. In 2017, this figure was only 8.9%.

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Фото: Unsplash

In the section of free applications "Finance" in the AppStore, Kaspi, Halyk and Bank CenterCredit are leading in downloads, whose assets amount to 15.1 trillion tenge, 6.8 trillion tenge and 5.4 trillion tenge, respectively. This indicates a link between the popularity of mobile applications and the size of banks' assets.

The Susan app ranks fourth in downloads and sixth in assets with 2.9 trillion tenge. Forte is in fifth place in downloads and also in fifth place in assets with 3.6 trillion tenge. The Bereke app ranks sixth in downloads and ninth in assets with 2.1 trillion tenge. Otbasy is in seventh place in terms of downloads and fourth place in terms of assets with 4 trillion tenge.

Eighth place goes to the Kaspi Pay app, designed to accept payment with Kaspi QR. Home Credit is in ninth place in downloads and in thirteenth place in assets with 823 billion tenge. Closes the top ten popular applications Tonkeeper - TON Wallet, designed to work with cryptocurrency. However, according to Bizmedia, there is no such company in the register of companies entitled to work with cryptocurrency in Kazakhstan.

Freedom Bank, which launched its super application on April 1, 2024, currently ranks 11th in downloads. In terms of assets, the bank is in eighth place with an indicator of 2.2 trillion tenge.^[11]

2022: The amount of funds of Russian citizens in banks of Kazakhstan increased 3.5 times in 10 months to 88 billion rubles

In January 2022, before the outbreak of the conflict in Ukraine, about 24.5 billion rubles were stored in the accounts of foreign citizens in banks in Kazakhstan, which amounted to 1.5% of the total funds of individuals. In June, the amount of deposits increased to 51.4 billion rubles, or up to 3% of the total.

Further, from July 1 to October 10, the volume of balances on deposits and current accounts of citizens Russia in banks of Kazakhstan almost doubled.

On October 10, 2022, the volume of balances on deposits and current accounts of Russian citizens (individuals and individual entrepreneurs) in credit institutions of the republic amounted to 678.2 billion tenge (88.1 billion rubles). From the beginning of the year to October 10, the amount of all funds of Russians in Kazakhstani banks increased 3.5 times.

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