InfoHub Logo

Bank deposits in Kazakhstan shrank in November, with a net 450.2 billion tenge flowing out as households and companies shifted cash toward higher-yield, more flexible instruments. The move highlights growing rate sensitivity and tougher competition among lenders.

This was reported by the Infohub.kz news agency.

The headline numbers

According to National Bank of Kazakhstan data as of 1 December, the system-wide deposit portfolio fell 0.97% in November to 45.88 trillion tenge. The one-month net outflow totaled 450.2 billion tenge.

Household deposits: 14 of 23 banks saw outflows

Retail balances declined 0.52% month-on-month (minus 139.5 billion tenge) to 26.6 trillion tenge. Net withdrawals were recorded at 14 of 23 banks, meaning most of the market saw customer money leave.

Kaspi Bank posted the smallest relative dip among major players at 0.19% (minus 12.3 billion), with its retail portfolio at 6.6 trillion tenge. The steepest proportional drop was at Islamic Zaman-Bank, down 82.01% (minus 4.3 billion) to 948 million tenge.

By absolute decline, the leaders were Halyk Bank (minus 106 billion; -1.41% to 7.39 trillion), Bank CenterCredit (minus 23.5 billion; -0.75% to 3.12 trillion), Alatau City Bank (minus 22.7 billion; -2.96% to 744 billion), Eurasian Bank (minus 20.9 billion; -1.83% to 1.12 trillion) and Bank RBK (minus 17.2 billion; -2.21% to 760.5 billion).

Where retail money grew

Against the broader decline, several lenders attracted new household funds. Otbasy Bank added 60.4 billion tenge (+2.22%) to reach 2.78 trillion; ForteBank gained 17.2 billion (+1.42%) to 1.23 trillion; and Home Credit Bank increased by 7.9 billion (+1.43%) to 561.9 billion. Otbasy Bank, focused on housing savings, maintained steady momentum.

Corporate deposits also declined

Corporate balances also fell: legal entities’ deposits decreased 1.59% in November (minus 310.7 billion) to 19.28 trillion tenge, reflecting caution and reallocation among business clients.

Winners and losers among corporates

On the upside, Bereke Bank led growth in corporate deposits with an 88.3 billion tenge increase (+9.96%) to 975.2 billion. It was followed by Altyn Bank, up 71.3 billion (+14.66%) to 558 billion, and Citibank Kazakhstan, up 31.8 billion (+3.99%) to 829.6 billion.

The largest declines were at Halyk Bank (minus 249.2 billion; -3.91% to 6.12 trillion), Bank CenterCredit (minus 97.9 billion; -3.65%) to 2.58 trillion and Alatau City Bank (minus 62 billion; -7.32%) to 784.3 billion.

Why savers are moving—and what banks may do next

Analysts point to inflation pressures, shifting interest-rate dynamics and seasonal year-end spending as likely drivers. For many depositors, yield, liquidity and flexible terms have moved to the top of the decision list, pushing some funds into alternative financial instruments. Even so, Kazakhstan’s deposit market remains large and competitive—conditions that could spur banks to refresh products and pricing in the months ahead.