Best bank: Halyk Bank
Halyk Bank of Kazakhstan delivered solid, broad-based performance across its core franchises, underpinned by resilient balance sheet growth and strong client activity.
During the review period, retail banking remained a key driver, with revenue increasing by approximately 11.6%, supported by stable customer volumes of 11.3 million. Retail deposits expanded by around 5.5%, while the loan book grew by approximately 4% in the same period, demonstrating continued demand for consumer lending and effective cross-selling.
Corporate and SME banking complemented this performance with revenue remaining substantial at over KZT2,400 billion ($5.01 billion), supported by strong client activity and a stable base of 235,000 clients.
Deposits and loans in this segment remained robust at above KZT11,700 billion and KZT15,500 billion respectively, reflecting the bank’s strong positioning in business banking. Investment banking revenues remained steady, highlighting consistent capital markets activity and client engagement.
The bank’s strategy centres on scalable growth across retail, corporate and investment banking, reinforced by disciplined risk management and strong liquidity. Personal and affluent banking capabilities further strengthened relationship depth through tailored lending, deposits and advisory-led services.
Digital innovation is a defining strength. Halyk has prioritised digital-first distribution, enhancing onboarding, payments and lending journeys, while expanding self-service capabilities that enable 24/7 access.
Streamlined processes and automation have reduced friction, improved turnaround times and increased straight-through processing. These innovations translate into higher customer engagement, improved retention and greater operational efficiency, positioning the bank as a market leader in Kazakhstan’s evolving retail banking landscape.
Best investment bank: Citi
Citi delivered a standout investment banking performance in Kazakhstan in 2025, underpinned by strong financial momentum and sustained market leadership. During the review period, total revenue increased by 13.8%, while global markets revenue rose by 22.1%.
Investment banking revenue expanded by 193.5%, alongside a 100% increase in deal volumes and a 120.2% rise in deal value, reflecting strong client demand and deepening capital markets activity from the end of 2024 to the end of 2025.
The bank maintained a leading position across debt and equity capital markets, supported by a 24% share of Kazakhstan’s Eurobond issuance over the past decade and continued dominance in international IPO and SPO execution.
In 2025, Citi delivered several landmark transactions, including the $2.5 billion sovereign Eurobond, which attracted significant global investor demand, and the $650 million Kaspi.kz issuance, supported by an orderbook exceeding $1 billion. It also led Baiterek’s debut $500 million bond, with demand surpassing $1.1 billion, demonstrating strong investor confidence and global distribution capability.
Citi’s strength in complex cross-border transactions was further evidenced through its advisory and financing role in a $1.1 billion acquisition by Power International Holding, reinforcing its position as a trusted adviser on strategic M&A. All investment banking deals were executed with a 100% cross-border profile, ensuring consistent access to international capital for Kazakh issuers.
This performance is supported by a strong client franchise, rising new mandates and high repeat business, alongside a comprehensive platform spanning foreign exchange, payments and custody. As a result, Citi continues to enhance liquidity, broaden investor access and drive the development of Kazakhstan’s capital markets.
Best retail bank: Freedom Bank Kazakhstan
Freedom Bank Kazakhstan demonstrates strong performance in retail banking, driven by rapid customer growth, expanding digital capabilities and increasing product penetration.
During the awards period, total retail deposits rose from KZT583.7 billion ($1.22 billion) to KZT880 billion, representing growth of over 50%, reflecting strong customer confidence and effective funding strategies.
Retail lending also expanded significantly, with total loans increasing from KZT581.2 billion to KZT743.2 billion in the same period, supported by fully digital products such as digital mortgages and auto loans. These offerings allow customers to complete the entire lifecycle online, improving accessibility and accelerating loan uptake.
Customer acquisition has been a key driver of growth. The number of retail customers increased by more than 200%, reaching 4.37 million, while new customer additions rose substantially to 2.76 million in the same period. This was supported by fully remote onboarding and biometric identification, which reduced barriers to entry and accelerated digital adoption.
Engagement metrics further highlight performance strength. Between the end of 2024 and the end of 2025, the average number of products per customer increased from 1.5 to 1.8, indicating improved cross-selling, while the net promoter score rose from 60% to 66%. Payroll accounts also expanded strongly, supporting stable transactional relationships.
The bank’s SuperApp ecosystem and integrated digital services have been central to this growth, enabling seamless customer journeys across payments, lending and investments. Investments in artificial intelligence, automation and advanced security systems have strengthened efficiency and customer trust.
Overall, Freedom Bank Kazakhstan delivers robust retail growth through digital innovation, scalable infrastructure and customer-centric strategies, positioning it as the leading retail bank in Kazakhstan.
Best digital bank for consumers: Freedom Bank Kazakhstan
Freedom Bank Kazakhstan has established a leading position in digital retail banking through a fully integrated, data‑driven ecosystem centred on its SuperApp. The bank’s strategy focuses on embedding financial services into everyday customer journeys, while maintaining strong, scalable growth.
Customer adoption has accelerated rapidly. During the awards period, monthly active users increased from 331,853 to 2.486 million, representing growth of approximately 649%. This expansion is supported by seamless onboarding and instant account opening, with customers now receiving a current account and payment card immediately via the mobile application.
Retail scale has expanded significantly, with the number of customers rising from 1.38 million to 4.37 million, reflecting growth of around 217% in the year to the end of 2025. New customer acquisition grew by approximately 378%, demonstrating strong digital reach and accessibility during the same period. Engagement is also improving, with average products per customer increasing from 1.5 to 1.8.
Financial performance remains robust. Retail deposits rose by 51% from KZT583.7 billion ($1.22 billion) to KZT880 billion, while retail loans increased by around 28% to KZT743.2 billion during the review period. Customer satisfaction strengthened, with net promoter scores improving to 66% from 60%.
Innovation underpins this performance. End‑to‑end digital products such as digital mortgages and auto loans enable fully online processing, while AI‑driven compliance, biometric identification and automated decision making enhance efficiency and risk control. The bank’s ecosystem integrates payments, lending, investments and lifestyle services, increasing transaction frequency and customer retention.
Best for mortgage/home loans: Freedom Bank Kazakhstan
Freedom Bank Kazakhstan has a market-leading position in retail mortgages thanks to a fully digital, high-efficiency lending model tailored to expanding home ownership.
The bank has achieved 100% digital mortgage originations, reflecting the complete customer adoption of its online platform and reinforcing its leadership in technologically advanced retail banking.
A key performance strength is operational speed. Average mortgage approval times improved from five to two minutes, while end-to-end processing timelines have been reduced by over 50%, enabling approvals in as little as a few days. This acceleration is underpinned by automation, biometric identification and real-time verification systems, delivering a seamless and transparent customer journey.
The bank offers a diverse suite of mortgage products addressing multiple retail segments. Digital mortgages for newly built and secondary housing provide loans of up to KZT70 million ($146,190) at competitive rates of around 22%, while specialised products such as cascading mortgages introduce flexible pricing structures ranging from 12.5% to 24%.
Government-backed solutions, including the ‘7-20-25’ programme at 7%, enhance affordability and broaden access. Equity participation mortgages extend financing up to KZT80 million, supporting early-stage property acquisition.
Strategically, the bank combines digital mortgages with a savings-based model, enabling customers to build deposits before borrowing, strengthening affordability and long-term demand.
With Kazakhstan’s construction-linked mortgage market estimated at approximately KZT2.5 trillion, the bank is well positioned to scale through developer partnerships and its single-window digital ecosystem.
Best bank for corporates: Halyk Bank
Halyk Bank delivered strong, innovation-led growth in Kazakhstan’s corporate banking market in 2025, positioning itself as a leading partner for both SMEs and large corporates.
For large corporates, the bank combined balance sheet expansion with digital transformation. During the review period, corporate banking revenue grew by approximately 11%, while the total loan portfolio increased by about 19% and deposits by a similar 19%, reflecting deeper client engagement and stronger funding relationships.
Average loan and deposit sizes also rose by roughly 7% and 11% over the same period, indicating a focus on higher-value transactions and long-term partnerships. This growth was supported by a clear innovation strategy centred on digital servicing. Self-service processing reached 97%, while API adoption among corporates more than doubled to 10.8%, enabling clients to embed banking services directly into internal systems and streamline treasury operations.
In the SME segment, growth was driven by a fully digital, platform-based approach. Revenue increased by around 7%, with loans rising by roughly 26% and deposits by 9% from the end of 2024 to the end of 2025, supported by improving average ticket sizes.
The bank’s Onlinebank platform enabled end-to-end digital lending and deposit products, including cloud-based electronic signatures and real-time account management, significantly improving access to finance. Integration capabilities such as REST APIs and tools like automated invoice generation with instant payment confirmation strengthened SMEs’ operational efficiency and working capital management.
Across both segments, sustained technology investment of around 20% of total spend underpinned continuous product development, faster onboarding and scalable service delivery, reinforcing the bank’s position as a digitally advanced corporate banking leader.
