As of February 1, 2026, the banking sector of the Republic of Kazakhstan is represented by 23 second-tier banks, of which 15 are banks with foreign participation, including 10 subsidiary banks.
Assets of the banking sector as of February 1, 2026 amounted to 70.1 trillion tenge, having decreased by 0.9% in January of this year, mainly due to a decrease in the loan portfolio by 1.1% to 43.0 trillion tenge.
Highly liquid assets of second-tier banks amounted to 20.7 trillion tenge or 29.5% of assets, which allows banks to service their obligations in full.
Loans to the economy issued by second-tier banks amounted to 40.0 trillion tenge, having decreased by 0.5% in January 2026 due to a decrease in business loans and a slowdown in retail lending.
Loans in national currency decreased by 0.6% to 36.2 trillion tenge, loans in foreign currency remained at the level of December 2025, amounting to 3.7 trillion tenge. Despite this, the share of loans in tenge remained virtually unchanged as of February 1, 2026, amounting to 90.7%.
In January 2026, a total of 2.6 trillion tenge worth of new loans were issued by second-tier banks, which is 11.6% more than in January 2025.
Loans to business entities in January 2026 decreased by 1.7% to KZT 15.2 trillion, mainly due to a decrease in loans issued for the purchase of working capital by 2.2% to KZT 5.9 trillion. In their structure, loans to SMEs decreased by 2.5% to 6.7 trillion tenge, loans to large businesses – by 1.7% to 5.4 trillion tenge. In turn, individual entrepreneur loans for January 2026 remained almost at the level of December 2025. amounting to 3.1 trillion tenge. The decrease in loans to SMEs and large businesses is due to the seasonal slowdown in lending activity in the corporate sector, repayments of existing loans, as well as the revaluation of foreign currency loans against the background of the strengthening of the tenge.
By industry, in January 2026, there was a decrease in business loans in all sectors except construction, where an increase of 0.9% to 0.8 trillion tenge was recorded. In industry, loans decreased by 1.0% to 5.1 trillion tenge, trade – by 3.4% to 4.1 trillion tenge, agriculture – by 3.7% to 0.5 trillion tenge, information and communications – by 1.2% to 0.2 trillion tenge, transport – by 0.9% to 1.0 trillion tenge and other services – by 1.1% to 3.5 trillion tenge.
In total, in January 2026, second-tier banks issued new loans to business entities in the amount of 1.3 trillion tenge, which is 28.7% more than in the corresponding period of 2025.
Loans to the population increased by 0.2% in January 2026, amounting to 24.8 trillion tenge. The growth in loans to the population is due to an increase in mortgage loans by 0.5% to 7.0 trillion tenge and the maintenance of consumer lending at the level of December 2025 in the amount of 16.7 trillion tenge.
In January 2026, the weighted average interest rate on loans issued to business entities in national currency increased to 22.7% (in December 2025 – 21.4%) due to an increase in the rate on loans to sole proprietors by 2.1 percentage points to 31.6%. The weighted average interest rate on loans issued to the public increased to 20.8% (in December 2025 – 18.3%) due to an increase in the interest rate on consumer loans by 2.8 percentage points to 22.3%.
As of February 1, 2026, the level of loans with overdue debts of more than 90 days (NPL90+) in the banking sector amounted to 3.8% of the loan portfolio or 1.6 trillion tenge. The level of loans with overdue debts in the portfolio of loans to the population amounted to 4.5% or 1.1 trillion tenge. In the portfolio of loans to business entities, the level of NPL90+ loans amounted to 3.0% or 528 billion tenge.
Provision coverage for non-performing loans remains high and amounts to 61.1% (as of 01.01.2026 – 60.6%).
The liabilities of the banking sector in January 2026 decreased by 1.4% to 59.3 trillion tenge due to a decrease in deposits of legal entities by 5.9%. Customer deposits account for the main share in the structure of the banking sector’s liabilities – 79.6% or 47.2 trillion tenge.
Deposits of residents in deposit organizations in January 2026 decreased by 3.8% to 46.2 trillion tenge, mainly as a result of a decrease in deposits in national currency by 3.3% to 36.6 trillion tenge, due to seasonal factors due to the use of funds for operational and alternative investment activities. Thus, deposits of legal entities decreased by 7.6% to 20.2 trillion tenge, deposits of individuals – by 0.7% to 26.0 trillion tenge.
Deposits in foreign currency decreased by 5.9% to KZT 9.5 trillion, including due to the currency revaluation of deposits in foreign currency against the background of the tenge strengthening against the US dollar. As a result, the dollarization rate as of February 1, 2026 was 20.7%, down slightly from 21.1% at the beginning of 2026.
The weighted average interest rate on term deposits in the national currency of non–bank legal entities in January 2026 was 16.8% (in December 2025 – 16.8%), on deposits of individuals – 15.3% (in December 2025 – 14.8%).
Banks’ equity increased by 1.7% to 10.8 trillion tenge in January 2026. As of February 1, 2026, the capital adequacy ratio (k1) was 20.0%, the equity adequacy ratio (k2) was 20.7%, which significantly exceeds the standards established by law and ensures coverage of potential risks in the banking sector.
By the end of January 2026, the net profit of banks amounted to KZT 199 billion, which is 13.1% less than in January 2025. Return on banking assets (ROA) as of February 1, 2026 was 4.1% (as of January 1, 2026 – 4.2%), return on equity (ROE) – 27.7% (as of January 1, 2026 – 28.4%).
