Awards for Excellence country winners – Kazakhstan

After being knocked back by Russia’s invasion of Ukraine, Kazakhstan’s economy rebounded last year, notching up over 5% growth on strong levels of consumer and public spending.

Capitalizing on this and benefiting from bumper interest income from rates of over 15%, the country’s banking sector delivered record profits of KT2.2 trillion ($4.78 billion) in 2023, up from KT1.5 trillion the year before.

Among several banks that recorded a good performance, Halyk Bank stands out not only for delivering market-leading growth and the highest net profit but also for the development of its banking businesses, making it Kazakhstan’s best bank.

To the end of December 2023, Halyk grew net profits by 22% year on year to KT693 billion on interest income of KT1.7 trillion, up 34% on 2022.