Baiterek earned $273.7 million in Q1 of 2024

According to Deputy Chairman of the Board of Baiterek Holding Zhandos Shaikhy, preliminary data shows that the holding earned roughly $272.7 million in the first quarter of 2024, which is a 9% increase over the previous year.

In Q1, Baiterek financed 14 export transactions and eight investment projects in the amount of $347.3 million.

Furthermore, the financial institution has allocated about $402.7 million for the support of 3,400 businesses from the agricultural industry, while around $476.7 million was given to 36 exporting companies.

Otbasy Bank, a subsidiary of Baiterek, issued $562.5 million in loans to retail customers over the first three months of 2024, a 35.7% increase over the same period last year.

Baiterek Holding controls a range of important institutions such as the Development Bank of Kazakhstan, Qasaqstan Investment Corporation, Otbasy Bank, Kazakhstan Housing Company, the Damu Entrepreneurship Development Fund, KazakhExport (Export Credit Agency of Kazakhstan) and Agrarian Credit Corporation.

In 2023, Baiterek purchased 49% stakes in several agricultural companies: TainshaZher Plus, Avantyurin, Qarqyn Group, Zapadnoye NORD-2020 and Amanat Jer 2020. All these businesses are engaged in plating grain and beans. The holding has also consolidated collateralized property of KazAgro to sell it later.

On May 23, Baiterek announced the issuance of bonds totaling $452.5 million on KASE. The bond issue was divided into two tranches: half of the bonds, amounting to $226.25 million, have a maturity period of five years with an interest rate of 13.46%, while the other half, has a maturity period of one year with an interest rate of 13.5%. These funds were directed to the Agrarian Credit Corporation for financing various projects in agriculture and KazAgroFinance for procurement of agricultural machinery and equipment for further leasing.