BAKU, Azerbaijan, March 29. The assets of Kazakhstan’s banking sector grew by 18.4 percent in 2022, Olzhas Kizatov, Deputy Chairman of the Financial Market Regulation Agency, said, Trend reports, citing the Central Communication Service under the President.
The growth was achieved mostly due to the increase of deposits, which amounted to 21.5 percent. Additionally, the credit portfolio of local banks increased by 20 percent in 2022, compared to 2021.
He added that Kazakhstan’s banking sector remains robust despite the challenges it faced.
“The share of problem loans in the loan portfolio remains low. In general, the capital adequacy ratio is at the 18.5 percent level. Despite the risk aggravation, the Kazakh banking sector demonstrated resilience in 2022,” Kizatov noted.
The deputy chairman also said that two Kazakh banks were excluded from the list of sanctioned institutions, while major credit agencies improved the ratings of key Kazakh banks.
Yesterday, Kizatov said that Kazakh banks will have to pass an asset quality review, which is planned to be carried out from March to August. Kizatov noted that the assets of 11 banks will be stress tested during this time. The results will be published sometime in November.