Savings accounts of kazakh citizens in second-tier banks exceed US$29 billion

In April, savings accounts of Kazakh citizens exceeded 13 trillion tenge (US$29.9 billion). In annual terms, the indicator also increased by almost 13 percent. According to the ranking.kz, 18 out of 22 financial institutions made a profit. One of the leaders in terms of growth is the state-owned Otbasy Bank, which specializes in the system of housing construction savings. Its number of accounts grew by 45 percent. As such, Kazakh citizens accumulated over two trillion tenge (US$4.6 billion) for the future home purchase. This year, the Otbasy Bank will be withdrawn from the system of second-tier banks and will receive the status of a national development institution. In general, retail savings accounts make up 51 percent of the total deposit portfolio of Kazakh banks, same as the previous year.

Translation by Saniya Sakenova

Editing by Galiya Khassenkhanova