Address of the Chair
of the Board of Directors
Dear colleagues, partners, and customers!
We are pleased to present the Annual Report of Otbasy Bank JSC, which outlines the results of our performance in 2024 and highlights our achievements aimed at improving the housing conditions of our citizens.
The past year marked an important milestone in our development: we introduced new digital solutions, expanded access to affordable lending, and further strengthened the trust of our customers. Guided by the principles of sustainable development, transparency, and social responsibility, we continue to empower tens of thousands of families to purchase their own homes under favorable conditions.
The mission of Otbasy Bank JSC is to strengthen the sense of homeland by providing families with their own housing and improving their long-term well-being.
I believe the Bank is fulfilling this important mission successfully.
In 2024, the Bank helped 71,452 Kazakhstani residents move into new homes. In total, customers received affordable loans amounting to KZT 1.3 trillion.
The Bank also effectively implemented the Housing and Utility Infrastructure Development Concept for 2023–2029. Under this program, 9,004 people on the housing waiting list were able to purchase 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 %). The total financing amounted to over KZT 108.1 billion. As a result, with government support, the following beneficiaries are now living in their own homes: 1,212 persons with disabilities (Group I and II); 1,392 large families; 946 families raising children with disabilities; 351 individuals on the waiting list under the “orphans and children without parental care” category.
In addition, over 10,000 people received state support in the form of rental subsidies covering 50 % of monthly payments. These included persons with disabilities (Groups I and II), families raising children with disabilities, large families, and individuals on the housing waiting list under the “orphans” category.
In 2024, Otbasy Bank focused on rural development. In June, the pilot project Asyl Meken was launched, enabling the purchase of homes in rural areas as well as access to loans for the construction of individual residential houses, including land acquisition. Otbasy Bank allocated KZT
2 billion from its own funds for this initiative, helping 208 rural residents acquire new homes.
As a result, in 2024, the Bank accounted for 55 % of all mortgage lending in Kazakhstan.
Public trust in the housing construction savings system continues to grow. By the end of 2024, the Bank had 2,871,115 active savings accounts. During the year, 660,147 new accounts were opened. The Bank’s total deposit portfolio amounted to KZT 2,423,853 million.
In 2024, the international credit rating agency Moody’s Investors Service upgraded the Bank’s long-term deposit rating in the national currency from Baa2 to Baa1. The Bank’s Baseline Credit Assessment (BCA) and adjusted BCA were also upgraded from ba2 to ba1. The short-term rating was affirmed, and the outlook for the long-term rating was set to “Stable.”
The international agency Fitch Ratings affirmed Otbasy Bank’s Long-Term Issuer Default Rating (IDR) in the national currency at “BBB”, with a “Stable” outlook. According to Fitch Ratings, the Bank has strong capital buffers, sound liquidity, and high-quality lending practices.
Overall, 2024 was marked by a number of important initiatives at Otbasy Bank aimed at launching new products, improving processes, and enhancing customer service.