94% of Kazakh citizens’ deposits fall on the country’s 10 top banks
Household deposits account for 8.4 trillion tenge out of top 10 banks’ 8.9 trillion tenge of retail as of October this year, come to 94.3% against 94.2% a year earlier and 87.9% five years ago, Ranking.kz informs.
Back 10 years ago there were 36 banks in the retail deposit market, and 38 second-tier banks five years earlier, while two years ago only 33 financial institutions operated, and 28 and 27 in 2018 and by late October of 2019, respectively.
Within a single month, retail deposits saw a 1.1% rise, with all the top 10 second-tier banks adding 1% compared in this September. 8 of them made profits.
ForteBank, a leader in terms of monthly growth of household deposits: 4.9%, or 26 billion tenge, up to 559.9 billion tenge, making up 6.3% of the retail deposit market.
The Bank offers Kazakh citizens various deposits both under flexible terms both with the possibility of replenishment and partial withdrawal, and without withdrawals and replenishment, but with higher interest rates. The Bank’s total amount of deposits grew by 6.3%, up to 1.2 trillion tenge within the month.
ATF Bank (+ 4.7%, or 14.5 billion tenge, up to 321.1 billion tenge) and Bank RBK (+ 3.3%, or 5.5 billion tenge, up to 173.3 billion tenge) were second and third in terms of retail deposit growth.
Physical persons’ deposits saw a 5.7% year-on-year growth, or 484.1 billion tenge, making up 49.9% of the second-tier banks’ overall deposits, compared with 50.1% in the previous year, second to corporate deposits.
Image credit: open source
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