The bank's digital platforms show significant growth, with the B2C Super-App's payment volume rising 39% and the B2B online bank's payment volume growing 16% year-on-year. The bank's MSCI ESG rating was upgraded to BBB, it became the first Kazakhstani commercial bank to issue green bonds, and its total loan exposure to Uzbekistan increased by 45% year-on-year, highlighting strategic expansion in Central Asia.
Cyborg Score Rationale
The bank reported record high profit of KZT921 billion for 2024 (32.8% YoY increase) with 34% return on equity. Cost-to-income ratio improved to 17.6% and total assets grew 19.7%. Strong execution with high profitability, though regulatory headwinds on taxation merit monitoring.
Top Insights
Record profit of KZT921 billion in 2024 with interest income up 30% year-over-year
Retail lending accelerating with 33.3% growth and B2C deposits up 26.5%, indicating strong consumer franchise
Asset quality improving with Stage 3 loans down to 6.3% and corporate NPLs at approximately 1%