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.


Announcement: On Rescheduling of the Annual General Meeting of Shareholders of ForteBank JSC scheduled for March 20, 2025.

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, hereby notifies its shareholders of the convening of the Annual General Meeting of shareholders of the Bank (hereinafter the “Meeting”), initiated by the Board of Directors of the Bank (Minutes of meeting No. 4 dated February 14, 2025) pursuant to Article 35.1, 35.2, Article 37.1, 37. 3.3 and Article 41 of the Law of the Republic of Kazakhstan “On Joint Stock Companies” (hereinafter the Law “On Joint Stock Companies”).
The Meeting will be held on March 20, 2025, at 10.00 a.m. (Astana time), at the following address: “Astana” Conference Room, 8th floor, 8/1, Dostyk str., Astana city.
The participants shall be registered on March 20, 2025, from 09.00 a.m. to 09.45 a.m. (Astana time) at the venue of the Meeting.
The register of the Bank shareholders eligible to participate at the Meeting will be compiled as at 00.00 a.m. (Astana time) on February 25, 2025.
In the absence of a quorum, the adjourned Meeting will be held on March 26, 2025, at 10.00 a.m. (Astana time) at the same address and with the same agenda. The participants of the adjourned Meeting will be registered on March 26, 2025, from 09.00 a.m. to 09.45 a.m. (Astana time) at the venue of the Meeting.
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Agenda of the Meeting 
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.
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The agenda of the Meeting is subject to amendments and/or supplements as stipulated by the law.
Pursuant to Article 44.4 of the Law “On Joint Stock Companies”, the materials on issues of the agenda of the meeting shall have been prepared and will be available for familiarization by shareholders not later than 10 days prior to the date of the Meeting at the location of the Management Board of the Bank.
Upon request of a shareholder of the Bank, the materials on issues of the agenda of the Meeting shall be sent thereto within three business days from the day of the request receipt, provided that the costs for making copies of documents and delivery of documents shall be borne by the shareholder.
For more information on the Meeting, please contact: +7 (7172) 59 99 99, extension 10200.
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We hereby offer the shareholders of the Bank to get acquainted with the following procedure for the Meeting.
In accordance with article 17.5 of the Republic of Kazakhstan Law “On Banks and Banking Activities in the Republic of Kazakhstan”, legal entities incorporated in offshore zones the list whereof is established by the competent authority (see: resolution of the Management Board of the Agency of the Republic of Kazakhstan for regulation and development of financial market dated February 24, 2020, № 8 On establishing a list of offshore zones for the purposes of banking and insurance business, operation of the professional participants of stock market and other licensable types of activity on the stock market, business of the joint stock investment funds and business of organizations performing micro-financial activities), shall not be able to directly or indirectly own and (or) use, and (or) dispose the voting shares of the Republic of Kazakhstan banks.
Pursuant to para.5-1 of the said article, the shareholder participating in the general meeting of shareholders shall submit a statement which indicates the compliance with Clause 5 of the present article by its shareholders (participants), in case the bank has no information on country of residence of such shareholders (participants). 
A shareholder who has not submitted the above stated statement is not allowed to participate in the general meeting of shareholders. 
In this regard, at registration, participants of the Meeting shall submit documents confirming their eligibility to participate in the Meeting and vote on issues considered at the Meeting.
The shareholders (representatives thereof) arrived shall be registered before opening of the Meeting. Each shareholder is required to have his (her) identity document. A representative of the shareholder must submit a power of attorney confirming the authority thereof to participate and vote at the Meeting, or a document confirming the right to act without a power of attorney on behalf of a shareholder and represent the interests of such shareholder.
A shareholder (representative of a shareholder) arrived to take part in the Meeting held in-person is to be registered.
A shareholder (representative of a shareholder) who has not been registered shall not be counted in determining the quorum and shall not be entitled to vote.
The Meeting opens at the announced time if a quorum is present.
The Meeting shall hold elections of the chairperson and the secretary of the meeting, determines the form of voting – open or secret (by poll).
In accordance with Article 50.1 of the Law “On Joint Stock Companies”, voting on the agenda of the annual general meeting of shareholders is carried out under the principle of “one share – one vote”, except for providing each person eligible to vote at an annual general meeting of shareholders with one vote on the procedural issues of holding the general meeting of shareholders.
The Chairperson shall not be entitled to interfere with the speeches of those eligible to participate in the discussion of the agenda issue, except for cases when such speeches result in violation of the rules of the meeting or when the dispute on this issue is over.
The meeting shall be entitled to take a decision on suspension of its work and on extension of the period of work, including postponement of consideration of certain issues of the agenda of the general meeting of shareholders to the following day.
The meeting may be declared closed only after consideration of all the issues of the agenda and adoption of resolutions thereon.
In accordance with Article 52.1 of the Law “On Joint Stock Companies”, the minutes of the general meeting of shareholders shall be drawn up and signed within three business days after the closing of the general meeting of the shareholders.
The Meeting shall be held in accordance with Articles 35-37, 39-48, 50-52 of the Law “On Joint Stock Companies”, Articles 17.5 and 17.5-1 of the Law “On Banks and Banking Activities”, and Article 15 of the Bank Charter.
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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.


The Annual General Meeting of Shareholders’ of ForteBank Joint Stock Company will be held on March 20, 2025

On February 4, the Astana International Exchange (AIX) held a ceremonial listing of ForteBank’s Eurobonds. The bank successfully placed five-year bonds in the amount of 400 million US dollars with a coupon rate of 7.75% per annum. High demand from the international investors allowed the rate to be reduced from 8.25%. This marks the first Eurobond issuance by a private Kazakhstani bank in 12 years
The bonds were placed on the Vienna MTF and AIX, which strengthens ForteBank’s international presence and expands the circle of investors. At the listing ceremony, Chief Executive Officer of the AIX Assel Mukazhanova noted:
"We are happy to welcome placement of ForteBank’s Eurobonds. A strong demand from foreign investors confirms confidence in the financial sector of Kazakhstan and the bank's stable position on the market. This listing also provides investors with an excellent opportunity to diversify their portfolios through high-quality assets of emerging markets."
Timur Issatayev, Chairman of the Board of Directors of ForteBank, emphasized the importance of this placement for the bank and the entire financial market of Kazakhstan:
"First of all, I would like to thank all the participants, lawyers, consultants and, in particular, J.P.Morgan and ForteFinance for their high level of professionalism and excellent work results. I would also like to express special gratitude to the AIX exchange for the support. Today's placement is likely to be a symbol of overcoming the banking crisis that lasted for more than 10 years. The great interest from the international investors in our issue confirms that we have managed to overcome the challenges and enter a new stage of development."
According to reports, ForteBank's Eurobond placement order book peaked at $800 million, significantly exceeding initial expectations. Due to strong demand, the bank tightened its pricing by 25 basis points from the initial guidelines. The issue volume was increased from $300 million to $350 million and then to $400 million.
The placement was attended by 90 investors, the largest portion of which consisted of the representatives from the USA (34%), Great Britain (30%) and other European countries (25%). The international rating agencies assigned the following ratings to the issue: Fitch (BB) / Moody's (Ba3).


ForteBank successfully floats Eurobonds on AIX and Vienna MTF

ForteBank, JSC announces the successful placement of Eurobonds in the amount of USD 400 mln with 5 years tenor. International rating agencies are expected to assign the issue the following ratings: Fitch (BB) / Moody’s (Ba3). The issue will carry a coupon of 7.75%.

This placement was the first issue of Eurobonds from Kazakhstan private banks for the last 12 years and the first issuance in the modern history of ForteBank. The placement of Eurobonds was a significant step in the execution of the Bank's strategy aimed at strengthening its position in international financial markets and expanding financing opportunities. The raised funds will be used to support the Bank's strategic initiatives and lending to the real sector of Kazakhstan's economy.

‘The interest of international investors in our offering exceeded all expectations. This achievement demonstrates confidence in Kazakhstan's banking system and fidelity to the country's economic course. The successful placement became the indicator of high appreciation by the financial community of our work to overcome the consequences of the banking crisis of 2007-2009 in the united ForteBank. The Bank will continue demonstrating strong growth and commitment to high standards of financial transparency and reliability,’ said Bulat Utemuratov, ForteBank's major shareholder.

The book for the placement attracted a significant number of investors, reaching a peak size of USD 800 mln. Due to strong demand, the bank tightened the pricing by 25 basis points from the initial price thoughts (IPTs). Additionally, the new issue size was upsized from the initially expected USD 300 mln to USD 350 mln and finally reached USD 400 mln to satisfy investors’ demand.

The major part of 90 investors are represented by the investors from the USA (34%), from the UK (30%) and other European countries (25%).

ForteBank would like to thank the managers for their professionalism and efficient work, which contributed to the successful placement.

**About ForteBank:**

ForteBank – is one of the leading financial institutions in Kazakhstan, that provides the wide range of the banking services for its corporate and retail clients. The Bank follows its strategy of sustainable development, implementing the innovative decisions and meeting the international standards. 

**For any queries, please contact ForteBank Media Representative:**

Ulan Smailov
Press Secretary 
Phone: +77010552522
Email: press@fortebank.com

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