ForteBank publishes interim financial statements for the first quarter of 2025. Despite persisting macroeconomic pressures, the Bank demonstrates solid income growth, increase in assets and strong profitability
Financial results: stable dynamic
•	Net profit amounted to KZT 45,885 billion, up 33% compared to the same period of the last year (1Q 2024: KZT 34,571 billion). The profit increase was driven by interest income growth and effective operating costs management.
•	Net interest income increased by 23% and amounted to KZT 71,759 billion (1Q 2024: KZT 58,240 billion), which was attributable to the growth of the loan portfolio and investment securities income.
•	Net profit from the foreign currency transactions doubled to KZT 14,620 billion supported by heightened market volatility and positive revaluation of the foreign exchange positions.
•	Net fee income amounted to KZT 4,5 billion, remaining broadly in line with the previous year.
Operating costs and taxes
•	General and administrative expenses amounted to KZT 22,8 billion, consistent with the same period last year period (KZT 21,9 billion).
•	Corporate income tax expense totaled to KZT 5,0 billion.
Assets and capitalization growth
•	Total assets have grown by 9,5% and reached KZT 4,48 trillion (as of 31 December 2024: KZT 4,09 trillion), reflecting increases in both the loan book and securities holdings.
•	Loan portfolio rose by 15,9% to KZT 2,11 trillion driven by strong growth in corporate lending and car loans.
•	Customer deposits and current accounts amounted to KZT 2,95 trillion, ensuring a stable liquidity position.
•	The total capital amounted to KZT 546 billion.
Macroeconomic Environment and risk management
•	In light of continued annual inflation around 10% and the National Bank's base rate increase to 16.5%, the Bank has adjusted its asset and liability management strategies accordingly.
•	The Group updated its key macroeconomic assumptions used in the calculation of expected credit losses. As a result, the allowance for expected credit losses was reduced by KZT 271 million.
•	The ECL provision for loans to customers stood at KZT 95.4 billion as of 31 March 2025, reflecting the Bank’s continuing conservative approach to the credit risks assessment.
Loan portfolio: retail segment expansion
•	Retail lending share has increased to KZT 934 billion (1Q 2024: KZT 739 billion), supported by an active car loan program.
•	Key sectors in the corporate portfolio include metallurgy (KZT 269 billion), SME related services (KZT 151 billion), trade and transport.
Conclusion 
ForteBank demonstrates stability and in a high base rate and volatile environment. Bank’s liquidity strength, balanced growth in both retail and corporate lending, and improvements in operational efficiency provide a solid foundation for sustainable development throughout 2025.


ForteBank reported a net profit of KZT 45.9 billion for the first quarter of 2025

ForteBank, JSC (hereinafter – the Bank), with the location of its executive body (Management Board) at the following address: 8/1, Dostyk Street, Yessil district, Astana city, Z05P1P0/010017, the Republic of Kazakhstan, hereby announces the voting results at the Annual General Meeting of the Bank Shareholders (hereinafter the "Meeting") held on April 29, 2025 from 10.00 a.m. to 11.00 a.m. by Astana time, at the following address: "Astana" Conference Room, 8th floor, 8/1, Dostyk Street, Astana city, Z05P1P0/010017, the Republic of Kazakhstan.
In accordance with the approved agenda, the following agenda items were considered at the Meeting, and the following resolutions were adopted as a result of the voting.
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Item 1 of the Agenda " On the Approval of the Bank’s annual financial statements for 2024"
Approve the attached Bank’s audited consolidate and separate financial statements for the year ended on December 31st, 2024.
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Item 2 of the Agenda "On the Approval of the procedure for distribution of the Bank’s net income for 2024 and the amount of the dividend per common share of the Bank"
1.	Approve the procedure for distribution of 2024 net income of ForteBank JSC as follows:
	–		To allocate the amount of up to KZT 101 996 000 000 (one hundred one billion nine hundred ninety six million tenge) for payment of dividends on common shares;
	–	the part of net income remaining after the payment of dividends shall not be distributed and shall be allocated to retained earnings.
2.	Approve the dividend amount per one common share of ForteBank JSC in the amount of KZT 1.104 (one point one zero four tenge), including the amount of taxes payable in accordance with the legislation of the Republic of Kazakhstan. At the same time, the total amount of dividends to be paid to each shareholder must be determined with an accuracy to a whole tiyn (rounding shall be made according to the rules of mathematical rounding). For this purpose, the rule of mathematical rounding is understood to be the rounding method wherein the value of a whole tiyn (whole tiyns) does not change if the first digit that comes after the one being rounded is from 0 to 4, and changes, having been increased by one if the first digit that comes after the one being rounded is from 5 to 9.
3.	Record a list of shareholders entitled to receive dividends on common shares as of April 30th, 2025, 00:00 a.m. by Astana time.
4.	To determine the start for the payment of dividends on common shares of ForteBank JSC as May 2, 2025.
5.	Approve the payment procedure as a one-off payment.
6.	Approve the form of payment of dividends on common shares of ForteBank JSC, located at the address: Z05P1P0 (010017), 8/1 Dostyk str., Astana city, Republic of Kazakhstan, bank details: BIN 990740000683, Bank BIC IRTYKZKA, Beneficiary code: 14, IIC: KZ23125KZT1001300204 with the National Bank of the Republic of Kazakhstan RPI, BIC NBRKKZKX – to be in non-cash form to the banking details of shareholders in the system of the Bank shareholders register.
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Item 3 of the Agenda "On the Report of the Board of Directors of the Bank for the past financial year"
Approve the Report of the Board of directors of the Bank for the past financial year.
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Item 4 of the Agenda "On shareholders enquiries regarding the actions of the Bank and its officers, and the results of their review "
Take note of the information from the Bank’s Management Board that in 2024 the Bank received 12 enquiries from twelve of its shareholders (regarding the issues of holding and disposal of shares and GDR, accrual of dividends, on taxes, as well as submission of additional materials to the general meeting of shareholders) to which the Bank had sent responses with clarifications, and that there were no enquiries from the shareholders to the actions of the Bank and its officers.
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Item 5 of the Agenda "On the amount and structure of remuneration of members of the Board of Directors and the Management Board of the Bank in 2024"
Take note of the information on the amount and composition of remuneration of members of the Board of directors and the Management Board of the Bank in 2024.
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Item 6 of the Agenda "On determining the number of members, term of appointment of the Bank’s Board of directors, election of the members thereof, and determining the amount of remuneration thereto"
–	the membership of the Board of directors of the Bank has been determined in the number of six persons with a term of office that expires at the time of the Annual General Meeting of Shareholders of the Bank in 2028;
–	Anuar Utemuratov, Timur Issatayev were reelected and Guram Andronikashvili was elected, as members of the Board of Directors of the Bank – representing interests of Mr. B. Utemuratov, a shareholder of the Bank;
–	Fedor Popandopulo and Yerlan Tuyakbayev were reelected as Independent Directors the Board of Directors of the Bank;
–	the amount of monthly fixed remuneration of the members of the Board of Directors of the Bank has been determined, and it was also established that other payments, as well as reimbursement of expenses to the members of the Board of Directors of the Bank, shall be carried out in the amount and in the manner set by the Policy of Remuneration of Members of the Board of Directors of ForteBank JSC, and reimbursement of expenses thereof.
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Item 7 of the Agenda "On approval of amendments No. 4 to the Corporate Governance Code of ForteBank JSC"
To approve the amendments No. 4 to the Corporate Governance Code of ForteBank JSC in accordance with the Appendix 1 hereto, bringing it into effect on the day following the date of this resolution.
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Total common voting shares of the Bank represented at the Meeting during the whole time thereof – 84 828 820 377.


On voting results at the Annual General Meeting of shareholders of ForteBank, JSC

Hereby, ForteBank Joint Stock Company (certificate of state re-registration dated 10.02.2015) (hereinafter referred to as the Bank), located at the address: 8/1 Dostyk street, Essil district, Astana, Z05P1P0/010017, Republic of Kazakhstan, in accordance with the Article 16 of the Law of the Republic of Kazakhstan "On Joint Stock Companies", offers its shareholders to purchase the previously repurchased common shares (ISIN KZ000A0F4546) being offered by the Bank, the issue of which was registered by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market under number No. A4031 dated March 19, 2015, in accordance with their pre-emptive right to purchase common shares.
In compliance with the requirements of the Rules for the exercise of the right of the shareholders of a joint-stock company to pre-emptively purchase securities and to refuse it, approved by the Resolution of the Management Board of the National Bank of the Republic of Kazakhstan dated October 29, 2018, No. 253, the Bank informs its shareholders as follows:
 
1.	The number and type of securities offered: 1,934,434,197 common shares of the Bank.
2.	The ratio of the number of outstanding (minus those repurchased by the company) common shares to the number of common shares being sold is 46.76: 1 (hereinafter referred to as the coefficient). The number of shares that the shareholders are entitled to acquire under the preemptive right is determined by dividing the number of common shares in their ownership as of the register recording date by the coefficient. When calculating the share to be acquired, fractional values are rounded down to the nearest whole number.
3.	The list of shareholders who have the pre-emptive right to purchase the common shares being sold is recorded based on the data of the securities holders register system the Central Securities Depository JSC as at 00:00 on April 16, 2025 (hereinafter referred to as the “Register Recording Date”).
4.	The period during which a shareholder may apply to purchase the common shares being sold in accordance with the pre-emptive right is 30 calendar days after the date of publication of this offer (hereinafter referred to as the “Period”) – up to and including May 17, 2025.
5.	The selling price is 6.16 tenge per 1 common share of the Bank (hereinafter referred to as the "Selling Price"). The Selling Price is the same for all persons acquiring the common shares of the Bank within the limits of this offer.
6.	The conditions for the acquisition of the common shares being sold – the placement is carried out among the shareholders – holders of the Bank’s common shares as of the Register Recording Date in the following order:
(1) 	the current shareholders have the right, during the Period, to apply for the acquisition of the Bank’s common shares being sold (hereinafter referred to as the “Application”) on equal terms in proportion to the number of common shares they hold at the Selling Price.
(2) 	payment for the shares acquired under the preemptive right is made by a shareholder within 30 calendar days after the date of submission of the Application;
(3) 	the actual execution of the Applications received and the transfer of shares to the shareholders under the preemptive right shall be carried out by the Bank upon payment for the shares by the shareholders;
(4) 	in case of non-payment for the shares, 30 calendar days after the date of submission of the Application, the Application shall be considered invalid;
(5) 	the representatives of the shareholders, when submitting documents and signing documents, must confirm their authority in accordance with the requirements of the legislation of the Republic of Kazakhstan.
The Applications shall be submitted as follows:
•	shareholders – holders of the common shares shall send Applications to the Bank by registered mail with advice of delivery or submit them directly to the Bank at the address: 8/1 Dostyk street, Essil district, Astana, Z05P1P0/010017, Republic of Kazakhstan, telephone: +7 717 259 99 99 (ext. 10248), +7 727 244 09 73;
•	the Application form is available on the Bank’s website at https://forte.kz/shareholders_application 
The prospectus for issuance of shares, as well as other relevant information, is available on the Bank’s corporate website, the Internet resources of the Financial Statements Depository and Kazakhstan Stock Exchange JSC, or at the Bank at the following address: 8/1 Dostyk street, Essil district, Astana, Z05P1P0/010017, Republic of Kazakhstan, or by sending a request by e-mail to info@fortebank.com or ir@fortebank.com.

Media contact:
ForteBank Press Service
📩 press@fortebank.com
📞 +7 (7172) 59 99 99


Offer to the shareholders to purchase previously repurchased common shares of ForteBank JSC in accordance with their preemptive right

March 12, 2025, Astana – ForteBank has published its annual financial statements in accordance with International Financial Reporting Standards (IFRS) for the 12 months of 2024, as of December 31, 2024.
The bank reported a net profit of KZT 160.3 billion, reflecting a 37.7% year-on-year growth. Meanwhile, general and administrative expenses increased by 10.3%, in line with the official annual inflation rate of 8.6% (according to the Bureau of National Statistics of the Republic of Kazakhstan). These results demonstrate ForteBank’s improved operational efficiency.
ForteBank’s loan portfolio expanded by 32.1%, reaching KZT 1,820 billion. Total assets grew by 25.75% to KZT 4,090 billion, while customer and deposit account balances increased by 26.84% to KZT 2,868 billion. The capital adequacy ratio (k2) is at the level of 24.1%, compared to 21.2% in 2023.
The bank continues to strengthen its position in lending, demonstrating steady growth across key segments. Consumer lending remains a core business line, with a portfolio of KZT 486 billion, maintaining stable performance. At the same time, other retail lending products showed impressive growth: mortgage loans increased by 42%, while car loans surged by an exceptional 490%.
The corporate loan portfolio expanded by 40%, while financing of small and medium-sized businesses (SMEs) grew by 26.4%. The key industries supported by the bank in corporate and SME lending include metallurgy, services, wholesale trade, and transport.
Among the key milestones of 2024, ForteBank redeemed its KZT 220 billion bonds in December 2024. In January 2025, the bank successfully issued five-year Eurobond in the amount of USD 400 million, with proceeds directed towards real-sector lending and other strategic initiatives. This issuance marks the first Eurobond placement in Kazakhstan in the past 12 years.
Additional Information
The financial statements, prepared by KPMG, will be submitted for approval at the Annual General Meeting of Shareholders on April 29, 2025.


ForteBank’s Net Profit Increased by 37.7%

ForteBank Joint Stock Company (hereinafter referred to as the “Bank”) with its executive board (Management Board) located at the address: 8/1, Dostyk str., Yessil district, Astana city, Z05P1P0/010017, the Republic of Kazakhstan, in accordance with the resolution of the Board of Directors of the Bank (Minutes of the meeting No. 9, dated March 7th, 2025), hereby notifies its shareholders of rescheduling of the Annual General Meeting of shareholders of the Bank (hereinafter the “Meeting”), which was previously scheduled for 10.00 a.m. on March 20th, 2025, **to 10:00 a.m. on April 29th, 2025.**
The Meeting will be held at the address: “Astana” Conference Room, 8th floor, 8/1, Dostyk str., Astana city, at 10:00, with the agenda similar to the one of the Meeting scheduled for March 20th, 2025:
1.	On the Approval of the Bank’s annual financial statements for 2024.
2.	On the Approval of the procedure for distribution of the Bank’s net income for 2024, on the amount of the dividend per common share of the Bank.
3.	On the Report of the Board of Directors of the Bank for the past financial year.
4.	On the appeals of shareholders to the actions of the Bank and its officials, and the results of consideration thereof.
5.	On the amount and structure of remuneration of members of the Board of Directors and the Management Board of the Bank in 2024.
6.	On determining the number of members, term of appointment of the Bank’s Board of Directors, election of the members thereof, and determining the amount of remuneration thereto.
7.	On approval of amendments No. 4 to the Corporate Governance Code of ForteBank JSC.
The list of shareholders entitled to participate in and vote during said Meeting will be compiled as of 00.00 a.m., Astana local time, on April 7th, 2025.
The Meeting participants will be registered from 09.00 a.m. until 09.45 a.m., Astana local time, on April 29th, 2025, at the venue of the Meeting.
In the absence of a quorum of said Meeting, a repeated Annual General Meeting of shareholders of the Bank will be held on April 30th, 2025, at 10.00 a.m., Astana local time, at the same address and with the same agenda as the unsuccessful Meeting. The participants of the repeated Annual General Meeting of shareholders of the Bank will be registered on April 30th, 2025, from 09.00 a.m. until 09.45 a.m., Astana local time, at the venue of the Meeting.
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We are looking forward to welcoming the shareholders of the Bank to participate in the Annual General Meeting of shareholders of the Bank.


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