Kazakhstan's best domestic bank 2023: ForteBank
International sanctions against Russia and a slowdown in China’s economy have presented difficult challenges for Kazakhstan’s banking industry this year. Nevertheless, the country’s best domestic bank, Forte Bank, put in a good performance.
The bank has 20 branches throughout Kazakhstan, over 800 ATMs, and 92 retail and 36 business outlets, making it accessible to people located all over the country. During the research period, its loan portfolio grew by nearly half, while total equity increased by 23.7%.
The bank’s non-performing loan ratio was 4.47%, a slight decrease from 2021, but still one of the lower NPL ratios among banks in the market.
Consolidated net profit increased 53% year on year, and Forte was upgraded by two international ratings agencies. S&P Global Ratings upgraded it from B+/B to BB-, while Fitch upgraded its long-term issuer default ratings to BB- from B+ with a stable outlook.
The bank has a good range of digital products, including its retail ForteApp, which supports 25 types of transactions, such as for loans and opening deposits. The app has been widely adopted by customers: 95% of all savings deposits are now opened through it.