Illustration: AI
Kaspi Bank led Kazakhstan’s banks in retail deposit growth in September 2026, with an increase of 93.9 billion tenge. Freedom Bank and Otbasy Bank followed. Yet total retail deposits across banks rose by just 14.3 billion tenge, according to National Bank data (kursiv.media).
What happened
As of October 1, retail deposits at Kazakhstan’s banks stood at 30.67 trillion tenge, up 0.05% in September. That small increase masked substantial shifts in balances at individual banks.
Deposits at Kaspi Bank rose by 1.2% to 7.92 trillion tenge. The increase in absolute terms was almost 3.5 times that of its closest competitor on this measure.
Freedom Bank ranked second: deposits increased by 27.2 billion tenge, or 2.5%, to 1.1 trillion. Otbasy Bank recorded growth of 26.2 billion tenge, or 0.8%, bringing its total deposits to 3.48 trillion tenge.
Where deposits grew faster
Home Credit Bank ranked fourth by growth in absolute terms. Retail deposit balances increased by 24.9 billion tenge to 680.1 billion.
In percentage terms, Home Credit outpaced the top three, with growth of 3.8%. Leading by the increase in tenge and by the growth rate are therefore two different measures.
What this means
Falling balances at other banks partially offset deposit growth at the leaders. The largest decline was recorded at Bank RBK: a drop of 78.3 billion tenge, or 8.5%, to 841.4 billion.
Deposits at ForteBank fell by 19.8 billion tenge and at Bank CenterCredit by 19.3 billion. Alatau City Bank recorded a decline of 18.1 billion tenge, while Halyk Bank’s deposits fell by 13 billion.
Halyk nevertheless retained first place by total retail deposits, with 8.05 trillion tenge. Kaspi led specifically in monthly growth.
Changes in balances do not show how much new money depositors put in or withdrew. Balances are also affected by accrued interest, changes in the value of foreign currency deposits when converted, and transfers between accounts.
In August, retail deposits rose by 132.8 billion tenge, or 0.4%. ForteBank recorded the largest increase that month, while Halyk saw the biggest decline.
