Annual Report 2024 Turning the Dream of Home into a Goal
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Key Events of the Reporting Year

  • Throughout the reporting year, the Bank actively developed and expanded its product portfolio through the following initiatives:
    • Cooperation agreements were signed with regional akimats as part of regional programs;
    • Cooperation agreements were concluded for regional youth housing programs;
    • Corporate cooperation was expanded under the “Corporate” product. Agreements were signed with Kazchrome TNС JSC, KazSMU LLP, BK-STROY LLP, Sheber-SVT LLP, Sokolov-Sarbai Mining Production Association JSC, Bogatyr Komir LLP, Eurasian Energy Corporation JSC, Daily Food Astana LLP, and Daily Food Ltd LLP;
    • Agreements were signed for a rent-to-own housing project with OKS-SHYMCITY LLP and the akimats of Kostanay city and Aktobe Region.
  • In 2024, the composition of the Bank’s executive leadership changed. The Management Board was restructured and now consists of seven members: Lyazzat Ibragimova, Aliya Aidarbekova, Mukhtar Azimbekov, Nurlan Akshanov, Elmira Raspekova, Islambek Kairbekov (01.01.2024-29.08.2024), Vladimir Savchenko (01.01.2024-19.07.2024), Zhansultan Matai (from 26.08.2024), and Rinat Taltusov (from 30.10.2024).
  • The Bank issued social bonds in 2024, raising KZT 209.85 billion on the Kazakhstan Stock Exchange (KASE). These five-year bonds were placed under the third bond program with interest rates of 14.25 % (KZT 170.5 billion) and 15.25 % (KZT 39.349 billion).
  • The government housing savings bonus was paid to 2,134,279 depositors. A total of KZT 92.9 billion was credited to customers’ deposits for the year.
  • The Bank launched the AQYL Educational Savings Deposit, allowing citizens to gradually accumulate funds for vocational and higher education both in Kazakhstan and abroad. Since its launch, more than 70,220 AQYL accounts have been opened, reflecting strong demand for the product.
  • The minimum required evaluation score for receiving intermediate housing loans was increased to 5. Depositors who accumulate 50 % of the property value ahead of schedule must first meet this minimum evaluation score before applying. This measure promotes greater saving discipline and reduces loan overpayments.
  • The Bank opened its 20th branch, the Ulytau Regional Branch.
  • The Otau and Nauryz housing programs were launched, aimed at improving housing conditions for citizens of Kazakhstan. Both programs offer the same loan terms, but Nauryz is a social initiative mandated by the President of Kazakhstan, covering the 2024–2031 period. These programs target a wide population segment, including residents of villages and district centers, and provide affordable mortgage financing. For socially vulnerable groups, the loan rate is capped at 7 %.
  • The Asyl Meken pilot project was launched, enabling the purchase of both new and existing housing (apartments and houses) in rural settlements, or loans for the construction of private homes, including land acquisition. This project was implemented following the President’s directive to shift the Bank’s focus from regional centers to districts, single-industry towns, and villages, supporting rural infrastructure development and improving housing accessibility. The Bank allocated KZT 2 billion, helping 208 rural families acquire housing or finance construction.
  • Moody’s Investors Service upgraded Otbasy Bank’s long-term deposit rating in the national currency from Baa2 to Baa1, with a Stable Outlook. Otbasy Bank is a subsidiary of the Baiterek Holding.
  • The Bank signed a Memorandum of Cooperation with Elit Capital, a microfinance company in the Kyrgyz Republic. The agreement outlines future collaboration through experience exchange, meetings, seminars, forums, roundtables, and conferences on mortgage lending development.
  • Otbasy Bank received its first ESG rating, scoring “3” from Sustainable Fitch, confirming its adherence to sustainability principles and commitment to socially significant goals such as housing accessibility and support for vulnerable groups.
  • Kassym-Jomart Tokayev, the President of Kazakhstan, signed a law introducing amendments to housing policy legislation. This law granted Otbasy Bank the status of a national development institution, as well as the authority to centrally manage the housing waiting list.
  • Under the Rules for the use of lump-sum pension payments to improve housing condition revised by the Ministry of Industry and Infrastructure Development (MIID), the accumulation period for pension withdrawals used for housing improvement was extended to 6 years (previously 3 years). This means pension funds transferred to Otbasy Bank can now be saved for up to 6 years for housing needs.
  • Supporting the President’s message, the Bank was the first to participate in the National Fund for Children program. It opens and maintains current accounts for citizens to use targeted savings for housing improvements and education payments. By the end of 2024, 31,889 citizens had used a total of KZT 1.673 billion, including: 24,458 applications for housing improvement (to housing construction savings and AQYL accounts) totaling KZT 1.188 billion, and 7,299 applications for education expenses totaling KZT 344 million.
  • Otbasy Bank and the Asian Development Bank (ADB) signed a Memorandum of Understanding on a project to promote inclusive and green housing finance in Kazakhstan. The document was signed during the Kazakhstan Global Investment Roundtable (KGIR-2024), chaired by Olzhas Bektenov, the Prime Minister of the Republic of Kazakhstan. The MoU supports gender equality, sustainable economic growth, and green construction development in Kazakhstan.
  • The Bank signed a memorandum on the development of Islamic finance and Islamic mortgage in Kazakhstan with the Kazakhstan Builders’ Union and the Association of Islamic Finance and Business (AIFB). A memorandum was also signed with CSQlaw Kazakhstan Branch, the Kazakh affiliate of a Malaysian company. These partnerships aim to promote Islamic financial products and Sharia-compliant housing finance, which is seeing increasing demand due to the country’s growing Muslim population – estimated at around 2 million in 2024. In 2025, the Bank will consider launching Sharia-compliant deposits and loans.