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%.
What's Next
The ARDFR is expected to release its next quarterly report in October 2026. It remains unclear whether regulators will introduce measures to address the growing concentration among the top three groups.
1 source
Three banking groups control two-thirds of Kazakhstan's assets
