We previously examined two layers of the picture: which banks are the largest, based on assets, and which are the most efficient, based on profit, ROA and ROE. But the real question is this: which bank looks the most balanced when both scale and performance matter? The idea is simple: a sound bank is one that does not fall short on any key measure while ranking strongly across several of them.
The leaders are:
1️⃣ Citibank Kazakhstan JSC — 86.1 points. The bank remains in first place thanks to its combination of high efficiency and strong loan portfolio quality. ROA stood at 7.0%, ROE at 77.7% and the net interest margin at 12.2%, while the share of problem loans remained at zero.
The index declined by 0.9 points compared with May, but Citibank still holds a substantial lead over its nearest rivals.
2️⃣ Halyk Bank of Kazakhstan JSC — 79.3 points. Its overall score was virtually unchanged. The bank continues to lead the sector in both assets and profit, at KZT 21.2 trillion and KZT 463.6 billion, respectively. ROA stood at 4.8%, ROE at 28.0% and the net interest margin at 7.0%. A 7.5% share of problem loans weighed on the result.
Even so, its sheer scale and high absolute profit keep the bank firmly in second place.
3️⃣ Kaspi Bank JSC — 78.2 points. The bank retained third place, but its gap behind Halyk Bank widened from 0.2 to 1.1 points. Its strengths remain an ROA of 5.7%, ROE of 38.6% and a net interest margin of 9.3%.
The main constraint is the share of problem loans, which reached 10.0%.
4️⃣ Subsidiary Bank VTB JSC — 68.0 points. The bank continues to lead the sector in ROA at 18.5%, while its ROE stands at 46.8%. Its net interest margin also remains among the highest in the industry at 12.3%.
At the same time, the share of problem loans rose to 28.3%, leaving strong profitability paired with significantly higher credit risk.
5️⃣ Industrial and Commercial Bank of China in Almaty JSC — 67.7 points. Despite its relatively small size, the bank retains a high ranking thanks to an ROA of 4.8%, ROE of 26.9% and the absence of problem loans.
Its overall score improved slightly compared with May.
6️⃣ Bank CenterCredit JSC — 65.0 points. The bank scores highly for its scale, profit of KZT 106.5 billion and relatively low share of problem loans at 3.6%.
However, its ROA of 2.6% and net interest margin of 5.9% remain more modest than those of the ranking’s leaders.
7️⃣ Bank of China Kazakhstan JSC — 64.1 points. The bank climbed from eighth to seventh place, with its index rising by 5.7 points.
Its position was supported by a zero share of problem loans, ROA of 3.7%, ROE of 21.9% and profit growth to KZT 14.4 billion.
8️⃣ ForteBank JSC — 60.2 points. The bank slipped by one position, although its overall profile remains fairly balanced: profit reached KZT 69.0 billion, ROA stood at 3.5% and ROE at 19.8%.
The main constraints are a moderate net interest margin of 5.3% and a 6.3% share of problem loans.
9️⃣ Otbasy Bank JSC — 59.3 points. The bank’s index rose by 2.3 points. Its strengths include a large balance sheet, profit of KZT 86.4 billion and a minimal share of problem loans at 0.4%.
Its relatively low net interest margin of 4.2%, however, prevents it from ranking higher.
🔟 Home Credit Bank JSC — 55.7 points. The bank entered the top 10, displacing Kazakhstan-Ziraat International Bank JSC. Its main advantage remains a net interest margin of 15.1%, one of the highest in the sector. Profit increased to KZT 22.4 billion, while ROA stood at 3.5%.
At the same time, a problem-loan ratio of about 9.9% limits its overall score.
▪️The sharpest change of the month came from Alatau City Bank JSC. In May, the bank ranked 11th with 55.2 points. By June, it had fallen to 20th place with just 25.0 points. Cumulative profit dropped from KZT 43.3 billion to KZT 4.5 billion in a single month, ROE declined to 7.6% and the share of problem loans rose to 10.7%. As a result, the bank lost ground across several components of the index at once.
Alatau City Bank’s sharp fall in profit in June was probably linked to the early repayment of state support. On June 29, the bank decided to redeem KZT 125.3 billion of subsidised bonds. Similar transactions had already had a significant impact on its financial statements in 2025.
June left the leaders unchanged but substantially reshuffled the middle of the ranking. Bank of China Kazakhstan and Home Credit Bank strengthened their positions, while Alatau City Bank fell sharply following a deterioration in its financial performance. The lesson is clear: even when the top three remain stable, the balance of power below them can shift quickly. One strong metric is not enough when profitability, efficiency or loan portfolio quality deteriorates at the same time.
This article was translated with the assistance of artificial intelligence.
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