Kazakhstan's best domestic bank 2021: ForteBank
Given its quest to become a high-tech name, Kazakhstan’s fifth-largest bank by assets, deposits and loans has undergone a dramatic culture change in the past couple of years. ForteBank put in the effort and investment to improve its IT infrastructure and as a result, digital processes and initiatives have become a core part of its operations.
It is now a force to be reckoned with, thanks to the prudent management of its balance sheet, its diversified portfolio of products and well-balanced growth across different parts of the business, making it Asiamoney’s best domestic bank for 2021.
For the first half of 2021, net income grew 10.3%, year on year, to KT32 billion ($73 million). The firm’s loan portfolio increased 11.8% in the 12 months from September 2020, while its deposit base rose 14.2% over the same period. ForteBank’s capital adequacy level was more than double that required by the country’s central bank.