Nearly a year after obtaining a banking license, KMF Bank reported a decline in profit on the KASE. In the first half of 2026, the financial institution earned 4.3 billion tenge in net profit, compared to 4.7 billion tenge a year earlier, reports infohub.kz.
According to the financial statements, the bank's net profit decreased by 8.4%, despite growth in interest income and the loan portfolio.
The core business continued to grow. KMF Bank's interest income increased from 52.1 billion to 60.7 billion tenge. Most of the revenue still comes from customer loans, with income from loans rising from 50.6 billion to 59.3 billion tenge.
The bank's net interest income increased by 12.3% over the year, reaching 33.9 billion tenge.
However, revenue growth was offset by higher credit loss expenses. Over six months, the bank allocated 6.8 billion tenge to provisions, compared to 3.7 billion a year earlier, when the organization was still a microfinance institution. Thus, expenses in this area increased by almost 83%.
Additional pressure on the results came from losses on financial instruments measured at fair value through profit or loss. For the half-year, they amounted to 3.7 billion tenge, compared to 1.7 billion tenge a year earlier.
Meanwhile, the second quarter was more successful for the bank. In April-June 2026, KMF earned 2.48 billion tenge in net profit, which is 8.5% more than the result of the same period last year.
It is worth recalling that on August 12, 2025, the Agency for Regulation and Development of the Financial Market issued a banking license to MFO KMF. After that, the company was transformed into KMF Bank and became the 23rd bank in Kazakhstan.
At the time of obtaining the license, KMF's assets amounted to 395 billion tenge, and the loan portfolio was 315 billion tenge. The bank's management then stated that the new status would allow expanding the range of services with deposits, bank accounts, and transfers, while maintaining a focus on financing entrepreneurs and self-employed individuals.
KMF Bank is mainly owned by the Kazakh corporate fund "KMF-Demeu" (about 60.4% of shares). The ultimate controlling owner through this fund is the American non-profit organization ACDI/VOCA. The rest of the shares are distributed among international funds and investors.