Kazakhstan banks showed record profits in 2025, but the main source of income is not lending to the economy, but operations with expensive liquidity. The sector’s net interest income exceeded 4 trillion tenge with a base rate of around 18%.
What happened
In 2025, the net interest income of Kazakhstan’s banking sector exceeded 4 trillion tenge, while fee and commission income amounted to about 633 billion tenge, reports National Business Kazakhstan.
Halyk Bank and Kaspi Bank together generate almost 60% of the net profit of the country’s top 10 banks. ForteBank showed one of the highest return on equity figures — 32.9% — largely due to the acquisition of Home Credit Bank.
The state increased the corporate income tax rate for banks to 25%, keeping a preferential rate of 20% for income from business lending. In 2025, tax payments by banks grew by more than 50%, reaching 682 billion tenge.
Country and market
With the National Bank’s base rate at around 18%, which is maintained in 2026, Kazakhstan banks earn primarily on the redistribution of expensive liquidity, rather than on classic lending.
A significant part of interest income is generated by operations with government securities, placement of funds in National Bank instruments, and the interbank market. The banks’ share in corporate income tax receipts approached 15% of the budget.
Why it matters
The income structure shows that Kazakhstan banks operate more as operators of expensive liquidity than as lenders to the real economy. The main signal here is that the high profitability of banks does not mean active financing of businesses and the population.
The change in tax policy is an attempt by the state to redirect bank incentives towards lending to the economy. But this creates a structural contradiction: banks must simultaneously lend to the economy, ensure stability, and be a major budget donor.
What’s next
The National Bank’s high rates keep the current model of bank income stable. Tax incentives for business lending may gradually change the income structure, but a radical shift towards real lending is not yet visible.
For the market, this is rather a signal that monetary policy remains the main factor in bank profitability, rather than the development of products for clients.