Kazakhstan's banking sector assets rose 15.4% in 2023

ALMATY. June 14 (Interfax) - Kazakhstan's banking sector assets grew 15.4% to 51.439 trillion tenge during 2023, the Financial Market Regulation and Development Agency said in a report.

The total loan portfolio of Kazakhstan-based banks expanded by 23.1% and the securities portfolio grew 13.2%.

Highly liquid assets rose 12% to 15.07 trillion tenge and accounted for 29.3% of the total assets.

The total value of loans issued in 2023 by the banking sector went up 22.4% to 27.933 trillion tenge, including 16.686 trillion tenge of retail loans, an increase of 26.7%.

Lending to businesses grew 16.7% to 11.246 trillion tenge, including 9.097 trillion tenge in the national currency and 2.148 trillion tenge in foreign currencies.

Liabilities increased 13.3% to 44.579 trillion tenge, driven by an 11.1% rise in deposits to 35.090 trillion tenge.

Deposits accounted for 78.7% of the total liabilities in the banking sector and remained the main source of funding for the banks. Retail deposits increased 20.6% to 20.405 trillion tenge, while corporate deposits edged up 0.1% to 14.685 trillion tenge.

The sector's equity grew 26.3% to 7.492 trillion tenge.

The sector's net profit grew 48.9% to 2.183 trillion tenge, mainly owing to higher interest revenues.

There are 21 second-tier banks operating in Kazakhstan.