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.
Its resilience is mostly due to its digitalisation strategy, which has paid off during the Covid-19 pandemic.