Development Bank of Kazakhstan to give half of its profit to the government

According to the Kazakhstan Stock Exchange (KASE) website, the Development Bank of Kazakhstan (DBK) will pay $202.4 million in dividends for 2023 to the government. This is half of the net profit of $404.9 million the company reported last year.

The sole shareholder of the DBK is the Baiterek national managing fund controlled by the government of Kazakhstan. It is expected to receive the tranche until June 27, 2024, or 42,500 tenge per one common share. 

In September 2023, the DBK said that it would pay half of its net profit or $38.2 million in dividend payouts for 2022 to Baiterek.

In March 2020, the government ordered all quasi-state companies to pay at least 70% of their net profit to the state budget. Prime Minister Olzhas Bektenov also cited this rule commenting on an MP inquiry about the dividend policy of Samruk Kazyna, which is also paying 50% of its revenue to the government.