Address of the Chair
of the Management Board
Dear partners and customers!
For Otbasy Bank, the year 2024 was marked by large-scale and high-impact initiatives aimed at improving the housing conditions of Kazakhstanis. We take great pride in continuing our work to provide the population with accessible tools to achieve homeownership.
One of the key milestones this year was the approval of the Bank’s Development Strategy for 2024–2033, which reflects our long-term vision and commitment to sustainable social transformation.
Our mission has acquired a renewed meaning: “We strengthen the sense of homeland by providing families with their own housing and improving long-term well-being.”
The new strategy forms the foundation of our operations for the coming years and strengthens our focus on social responsibility, accessibility, and inclusiveness.
We envision Otbasy Bank as a reliable and steadily growing savings and financing system for both individuals and businesses, including support for national social programs.
Our core values are: customers, efficiency, simplicity, proactiveness, and teamwork.
According to our strategy, we have set ambitious but achievable 10-year goals: enter the Top 2 banks in Kazakhstan by total assets, with a targeted ROA of 2.70 %; become the market leader in long-term savings and mortgage lending; become the best employer in the banking sector.
To finance the Nauryz program, Otbasy Bank issued social bonds for the first time, in the total amount of KZT 209.9 billion.
Among the key developments in 2024 was the launch of two new housing programs – Otau and Nauryz, which enabled 9,983 Kazakhstanis to move into their own homes.
Otau is an in-house program developed by the Bank. It serves as an additional tool for housing system participants to purchase apartments, with a focus on supporting working youth, young families, and Otbasy Bank depositors.
The Nauryz program was introduced at the instruction of Kassym-Jomart Tokayev, the President of Kazakhstan, as a supplement to Otau. It expanded the reach of state support by targeting residents of rural areas and district centers, issuing 3,532 loans. This made a tangible contribution to bridging the urban-rural development gap.
Loan interest rates under the new programs were set at 9 % per annum (EAR ranging from 9.4 % to 13 %). For socially vulnerable groups on the housing waiting list, the rate was reduced to 7 % (EAR ranging from 7.1 % to 9.6 %) as an additional support measure.
To finance the Nauryz program, Otbasy Bank issued social bonds for the first time, in the total amount of KZT 209.9 billion. These securities served as a collaborative tool between the Bank, the state, and the private sector to support Kazakhstan’s social policy and improve the living standards of thousands of citizens. For example, around 7 % of the affordable loans under the Nauryz program were granted to large families. Assuming at least four children per family, this means that approximately 2,120 children now live in their own homes. Investors who purchased these bonds on the stock exchange effectively became participants in the Nauryz program. They provided funding for affordable housing loans to those who needed them most.
Another impactful initiative was the Asyl Meken pilot program. The Bank allocated KZT 2 billion to help 208 families in rural areas purchase housing or receive financing for home construction. Asyl Meken represents our contribution to the sustainable development of regions and improvement of rural living conditions.
As part of the Housing and Utility Infrastructure Development Concept for 2023–2029, 9,004 people on the housing waiting list received homes. They were granted preferential loans at 2 % (EAR ranging from 2.0 % to 2.1 %) and 5 % (EAR ranging from 5.2 % to 5.8 %). Total financing under this program exceeded KZT 108.1 billion.
We also paid special attention to youth housing in 2024. In 17 regions, we implemented special programs in cooperation with akimats to support young professionals. Total funding amounted to KZT 70.8 billion, of which KZT 61.1 billion was provided by akimats and KZT 9.7 billion by the Bank. These youth programs enabled teachers, doctors, journalists, and workers in culture, sports, social services, and utilities to become homeowners.
Throughout 2024, the Bank issued 71,452 housing loans under the housing construction savings system. On average, around 280 customers received loans daily. These numbers are more than statistics – they represent real change in the lives of thousands of families in Kazakhstan.
Our efforts extend beyond housing. Having taught citizens to save for homeownership, in 2024 the Bank began supporting savings for children’s education. At the beginning of the year, Otbasy Bank joined the State Education Savings System (SESS), enabling citizens to open education savings deposits called AQYL. A total of 70,220 such deposits were opened in 2024.
AQYL deposits can be funded using National Fund for Children (NFC) transfers, following a presidential initiative launched in 2024. Otbasy Bank became one of the operators of the National Fund for Children program.
Through this initiative, 43,591 Kazakhstanis used National Fund money totaling USD 4.2 million to pay for education or improve housing conditions, effectively investing in their future.
We are proud that 29.8 % of Kazakhstan’s economically active population are participants in the housing construction savings system. In 2024, 660,147 new depositors entrusted their savings to the Bank in order to later access the most affordable housing loans in the country.
A key milestone in our digital transformation was the upgrade of our Otbasy Bank mobile app, which is now used by over 1 million customers. In 2024, more than 78.2 % of banking transactions were carried out online – a testament to our commitment to modern, user-friendly services.
Throughout 2024, the Bank issued 71,452 housing loans under the housing construction savings system.
In 2025, Otbasy Bank will continue to expand access to housing. We plan to launch the second phase of the Nauryz program, as well as the new Umai and Green Mortgage programs.
We are confident that our efforts will help even more Kazakhstanis achieve their dream of owning a home. May 2025 bring more housewarmings, stability, and prosperity to every family!