Bank RBK records the strongest growth in retail deposits among Kazakhstan's largest banks

According to the analysts, Bank RBK also led the country's largest second-tier banks by a wide margin in terms of annual growth in retail deposits. As of June 1, its retail deposit portfolio was up 43.1% compared with the same period a year earlier. The figures highlight the bank's sustained growth and the increasing confidence of Kazakhstanis in Bank RBK.

Bank RBK offers one of the market's most comprehensive deposit product portfolios, designed to meet the needs of virtually every customer segment. Its range includes the flexible Smart deposit with daily interest capitalization, the Depositum deposit with monthly interest payments, the Dream, Grand, and Safe savings deposits, as well as the Aqyl targeted deposit offered under Kazakhstan's state educational savings system.

According to Ranking.kz analysts, the Grand savings deposit, which offers an enhanced interest rate, remains one of Bank RBK's most popular retail products. The deposit offers an interest rate ranging from 4.89% to 17.52% (effective annual interest rate from 5.00% to 19.00%). Customers can also receive a premium debit card free of charge, with no maintenance fee for the entire validity period, subject to the bank's tariff schedule. An additional benefit for premium cardholders is participation in the Sarqyt loyalty program, which offers cashback of up to 8%.

Notably, the ten largest banks account for nearly 96% of all household deposits in Kazakhstan's banking sector. Overall, the country has 23 banks, including 10 subsidiaries of foreign banking groups.

Among the top ten banks, Freedom Bank ranked second in terms of monthly growth in household deposits, with its retail deposit portfolio increasing by 5.4% to KZT 943.6 billion. It also ranked among the top three performers in annual growth, posting a 38.6% increase year-on-year.

Bank CenterCredit rounded out the top three in terms of monthly growth in retail deposits, with its portfolio rising by 3.8% to KZT 3.6 trillion.

In annual terms, however, ForteBank ranked among the top three, with household deposits growing by 30.7% to KZT 1.4 trillion, according to National Bank statistics. Otbasy Bank, which operates within Kazakhstan's housing savings system, also posted strong results, expanding its household deposit portfolio by 30.1% year-on-year to KZT 3.3 trillion.

Overall, 9 of the 10 largest banks recorded month on month growth in household deposits, while 17 second-tier banks posted positive monthly growth across the sector. One exception was Citibank Kazakhstan, the U.S. subsidiary, which does not accept household deposits as part of its business model. On a year-on-year basis, 8 of the 10 largest banks and 12 second-tier banks across the sector reported growth in retail deposits.

Meanwhile, household deposits accounted for nearly 60% of total deposits held in Kazakhstan's banking sector. For comparison, the share stood at 59.3% just a month earlier, 57.3% a year ago, 50.2% five years ago, and 43.5% a decade ago. As a result, household deposits are becoming the primary source of funding for Kazakhstan's second-tier banks, making the level of public trust in the country's banking institutions increasingly important.

According to the analysts, bank deposits remain the primary, straightforward, and rewarding way for Kazakhstanis to save money. They noted that deposits continue to offer a number of clear advantages, even for people with little or no experience in financial markets.

License No. 1.2.100/245/41 issued by the Agency for Regulation and Development of the Financial Market on April 5, 2021.

Earlier, Qazinform News Agency reported that Bank RBK climbed three places in Kazakhstan's ranking of largest banks and led the sector in asset growth.