Kazakh banks report profit decline in Q1 2025

Kazakhstani banks saw a decline in profits / Photo: Delia Aidaralieva; Photo editor: Adelina Mamedova

In March 2025, Kazakhstani banks reported a combined profit of $432.5 million, while the sector’s total profit for the first quarter reached $1.2 billion. Monthly profit fell by 5.8% year-on-year, while cumulative profit for the entire first quarter declined by 12%, according to the National Bank.

The decline in profit can be partially explained by higher corporate income tax payments, as the rate for banks rose to 25%. As a result, tax payments increased by 28.7% to $114.7 million. In the first quarter, banks paid $314.5 million in taxes, a 22% increase compared with the previous year.

Since the beginning of the year, banks have earned:

In March, month-on-month growth was 7%.