If the asset ranking answers the question of who is the biggest, the efficiency ranking answers a different one: who turns scale into results most effectively. A large balance sheet does not automatically translate into strong financial performance. It can be sizeable but generate thin margins, or relatively compact while delivering exceptional profitability.
This comparison is based on three key indicators: net profit (measured as current income minus current expenses after income tax), Return on Assets (ROA), and Return on Equity (ROE).
▪️During January-June 2026, Kazakhstan’s second-tier banks (STBs) generated a combined KZT 1,195.6 billion in net profit.
The five largest profit earners accounted for 79.6% of the sector’s total:
1️⃣ Halyk Bank — KZT 463.6 billion (-KZT 10.3 billion, or 2.2% y/y);
2️⃣ Kaspi Bank — KZT 226.8 billion (-KZT 38.3 billion, or 14.5% y/y);
3️⃣ Bank CenterCredit — KZT 106.5 billion (-KZT 30.8 billion, or 22.4% y/y);
4️⃣ Otbasy Bank — KZT 86.4 billion (+KZT 22.6 billion, or 35.5% y/y);
5️⃣ ForteBank — KZT 69.0 billion (-KZT 28.9 billion, or 29.5% y/y).
Among the strongest performers, Citibank Kazakhstan stood out by combining one of the highest profit levels with solid year-on-year growth. The bank earned KZT 52.2 billion, up KZT 7.9 billion, or 17.8%, from a year earlier.
Freedom Bank Kazakhstan reported a relatively modest net profit of KZT 12.7 billion, but posted the fastest annual growth thanks to a low base of comparison, with earnings rising by KZT 39.8 billion, or 147.0% y/y.
At the other end of the spectrum, Alatau City Bank recorded the sharpest decline in profitability. Net profit fell to KZT 4.5 billion, down KZT 96.8 billion, or 95.6% y/y.
▪️ROA is widely regarded as the best indicator of balance sheet efficiency because it is less influenced by the extent to which a bank relies on borrowed funding.
Top five STBs by ROA:
1️⃣ VTB Bank Kazakhstan — 18.5%;
2️⃣ Zaman-Bank Islamic Bank — 8.9%;
3️⃣ Citibank Kazakhstan — 7.0%;
4️⃣ Kaspi Bank — 5.7%;
5️⃣ Kazakhstan-Ziraat International Bank — 5.2%.
▪️ROE measures how much net profit a bank generates for every KZT 1 of shareholders’ equity. While ROA evaluates the efficiency of the entire balance sheet, ROE measures how effectively a bank uses its own capital — the foundation of both its financial resilience and its business model.
Top five STBs by ROE:
1️⃣ Citibank Kazakhstan — 77.7%;
2️⃣ VTB Bank Kazakhstan — 46.8%;
3️⃣ Kaspi Bank — 38.6%;
4️⃣ Halyk Bank — 28.0%;
5️⃣ Bank of China in Almaty — 26.9%.
The defining trend of the first half of 2026 is the growing gap between scale and profitability. Banking sector assets expanded 14.5% over the past year, while total profits declined 13.3%. In other words, larger balance sheets are no longer translating into proportionally higher earnings.
The sector remains highly profitable in absolute terms, but banks are finding it increasingly difficult to convert new assets into additional profits. At the same time, the leaders in ROA and ROE once again demonstrate that the strongest financial returns do not necessarily belong to the largest institutions.
This article was translated with the assistance of artificial intelligence.
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