In the third quarter (Q3) of 2024, the assets of Kazakhstan’s banking conglomerates rose by 4.7% quarter-on-quarter (QoQ), reaching 48.2 trillion tenge (approximately $92 billion), according to the Agency for Regulation and Development of the Financial Market (ARDFM).
As of Oct. 1, the largest banking groups by assets were:
- Almex Holding ($30 billion), owned by Timur and Dinara Kulibayev, serves as the controlling entity for Halyk Bank.
- Kaspi.kz ($14 billion), owned by Baring Vostok fund, Vyacheslav Kim and Mikhail Lomtadze.
- Bank CenterCredit ($11 billion), owned by Bakhytbek Baiseitov and Vladislav Lee.
Collectively, these three banking giants hold $59 billion in assets, representing 65.1% of the sector’s total assets. They also control 74.9% of the total loan portfolio and 53.1% of the overall securities portfolio.
Loans issued saw the highest growth in Q3, rising by 12.1% (or $5 billion) to reach 25.5 trillion tenge ($48 billion). This growth was driven by Almex Holding, which recorded an $820 million increase, and Kaspi.kz, with a $740 million increase.
The securities portfolio experienced significant growth, increasing by 12.7% (or $2.5 billion) to $24 billion. Key contributors included Eurasian Financial Company, which owns Eurasian Bank (assets up $405 million), and First Heartland Securities, parent company of First Heartland Jusan Bank (assets up $380 million).
As of Q4, the liabilities of banking conglomerates increased by 9.6% (or $6 billion) QoQ, reaching $77 billion. Meanwhile, the highest return on assets was achieved by Kaspi.kz (5.1%), KZI Bank (4.2%) and First Heartland Securities (3.7%).
