Three banking groups control two-thirds of Kazakhstan's assets
This digest was compiled by AI from multiple sources — links to the originals are below.
Three banking conglomerates held 66% of Kazakhstan's banking sector assets as of January 1, 2026, according to a report by the Financial Market Regulation and Development Agency (ARDFM). Total assets of all banking conglomerates reached 60.9 trillion tenge, up 6.7% from the previous quarter. The report highlights growing concentration in the sector.
Market Concentration
The three largest banking groups — Halyk Bank, Kaspi.kz, and BCC — controlled 66% of total banking assets as of January 1, 2026. Their combined assets amounted to 40.2 trillion tenge, according to the ARDFR report. The remaining 34% was distributed among 11 other banking conglomerates.
Asset Growth
Total assets of all banking conglomerates grew by 3.8 trillion tenge, or 6.7%, in the fourth quarter of 2025. The increase was driven primarily by loan portfolio expansion and securities holdings. The ARDFR noted that the sector's asset quality remained stable, with non-performing loans at 3.2%.
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