Bank Review 2023 – Forvis Mazars Central Asia

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Issue 1 - Kazakhstan, Uzbekistan, Kyrgyzstan

Central Asian banks have completed the publication of financial reports for 2023. In this article, you will be able to familiarize yourself with the data published by banks, see which banks have become market leaders, and which, on the contrary, have lost their positions. 2023 is quite an interesting year in the Central Asian economy: have banks recovered from the COVID-19 pandemic? How have the events between Russia and Ukraine affected the banking sector?

Leaders of Central Asia by the results of 2023 in terms of loan portfolio size and net profit

In terms of loan portfolio volume, the People's Bank of Kazakhstan ranks first, followed by Kaspi Bank and Otbasy Bank. Over the year, the banks increased their loan portfolios by 18%, 34% and 8%, respectively.

Table 1. Credit portfolio of banks of the Republic of Kazakhstan: Top 5 banks as of 12/31/2023, $ million

№ Name

Amount

1.

 

JSC “Halyk Bank”20 351       18%  

2.

 

JSC “Kaspi Bank”9 285         34%

3.

 

JSC “Otbasy Bank”6 797         8%

4.

 

JSC “Bank CenterCredit”6 420         46%

5.

 

JSC "ForteBank"3 019         17%

 

The National Bank for Foreign Economic Activity of the Republic of Uzbekistan has the largest loan portfolio. It is followed by the Uzbek Industrial and Construction Bank and Agrobank.

Table 2. Credit portfolio of banks of the Republic of Uzbekistan: Top 5 banks as of 12/31/2023, $ million

№ Name

Amount

1.

 

NBU7 866           9%

2.

 

SQB4 940         20%

3.

 

JSCB “Agrobank”4 896         28%

4.

 

JSC “Asakabank”3 439         11%

5.

 

JSCIB “Ipoteka-bank”2 864           4%

 

The leader in terms of loan portfolio is Aiyl Bank. RSK Bank and Optima Bank are in second and third place.

Table 3. Credit portfolio of banks of the Kyrgyz Republic: Top 5 banks as of 12/31/2023, $ million

№

 Name

Amount

1.

 OJSC “Aiyl Bank”440            23%

2.

 OJSC “RSK Bank”331            39%

3.

 OJSC “Optima Bank”258              9%

4.

 CJSC “Demir Kyrgyz International Bank”243            58%

5.

 OJSC “Bakai Bank”235            33%

 

The first place in terms of net profit is occupied by Kaspi Bank, which increased its profit by an impressive 134% compared to the previous year. In second and third place are Halyk Bank of Kazakhstan and Otbasy Bank, respectively.

Table 4. Net profit of banks in Kazakhstan: Top 5 banks for 2023, $ million

№

 Name

Amount

1.

 JSC “Kaspi Bank”1 860       134%

2.

 JSC “Halyk Bank”1 520         25%

3.

 JSC “Otbasy Bank”323            54%

4.

 JSC "First Heartland Jusan Bank"292            50%

5.

 JSC "ForteBank"255            19%

 

The leader in terms of net profit is the National Bank for Foreign Economic Activity of the Republic of Uzbekistan. In second and third place are Kapitalbank and Hamkorbank, which increased their net profit by 77% and 58%, respectively.

Table 5. Net profit of banks of the Republic of Uzbekistan: Top 5 banks for 2023, $ million

№

 

Name

Amount

1.

 NBU146           -29%

2.

 JSCB “Kapitalbank”143            77%

3.

 JSCB “Hamkorbank”102            58%

4.

 SQB73              35%

5.

 JSCIB “Ipoteka-bank”70             -39%

 

The leader in terms of net profit is Aiyl Bank. In second and third place are Commercial Bank Kyrgyzstan and Optima Bank.

Table 6. Net profit of banks of the Kyrgyz Republic: Top 5 banks for 2023, $ million

№

 

Наименование

Сумма

1.

 OJSC “Aiyl Bank”62                4%

2.

 OJSC “Commercial Bank Kyrgyzstan”43              29%

3.

 OJSC “Optima Bank”32             -14%

4.

 OJSC “RSK Bank”28              95%

5.

 CJSC “Demir Kyrgyz International Bank”28              12%

 

A more detailed overview of all three countries can be found in the file below.

Document

Banking overview 2023_​Forvis Mazars_​Sep 2024_​ENG.pdf
Download pdf 1.52MB

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