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JSC "ForteBank" (ASBN) KZT

ForteBank is a major Kazakh universal bank offering retail, SME and corporate banking, cards and digital services.

At a glance: strengths & risks
✓Revenue growing (+45% y/y, H1 2026)✓Strong ROE (25%)✓Book value growing (+36%)✗Profit falling (-35% y/y, H1 2026)

Sector: Banks

ASBN

Price chart

11.13 KZTDay -4.05%

Key metrics

Market

Price
11.13 KZT · -4.05%
Market cap
1162.6 bn KZT

Growth

Δ NII y/y
45.2%
Δ net profit y/y
-35.4%

Multiples

P/E (LTM)
10.0x
P/B (FY)
2.7x
P/E (ann.)
9.0x

Returns

Dividend yield
7.8%
ROE (annualized)
15.6%
ROI (ROE ÷ P/B)
5.8%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+13.9%
↓ details

Liquidity

Daily turnover (KASE)
256

Shares: kase_book/ASBN

Financial results

Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusNet interest incomeB KZTNet profitB KZTAssetsB KZTEquityB KZTROE (annualized)Source
2026-06-30Q2 2026 (3M)OK104.2
y/y 45.2%
33.2
y/y -35.4%
6243.2
y/y 37.5%
884.1
y/y 77.8%
15.2%Link
2026-03-31Q1 2026 (3M)OK104.1
y/y 45.0%
31.4
y/y -31.5%
6099.2
y/y 36.2%
814.5
y/y 49.2%
15.8%Report (KASE)
2025-12-31Q4 2025 (3M)OK97.1
y/y -73.7%
47.6
y/y -0.2%
6102.1
y/y 49.2%
774.9
y/y 36.4%
29.6%Report (PDF)
2025-09-30Q3 2025 (3M)OK73.2
y/y 14.6%
43.4
y/y 27.3%
4865.6
y/y 18.6%
517.2
y/y 3.8%
37.7%Report (KASE)
2025-06-30Q2 2025 (3M)OK71.7
y/y 18.4%
54.1
y/y 33.8%
4539.5
y/y 20.4%
497.2
y/y 11.3%
38.3%Report (KASE)
2025-03-31Q1 2025 (3M)OK71.8
y/y 23.2%
45.9
y/y 32.7%
4477.8
y/y 24.9%
546.0
y/y 13.8%
32.9%Report (KASE)
2024-12-31Q4 2024 (3M)OK369.9
y/y 35.9%
47.7
y/y 64.2%
4090.9
y/y 25.8%
568.2
y/y 32.2%
30.1%Report (KASE)
2024-09-30Q3 2024 (3M)OK67.9
y/y 36.8%
37.9
y/y 28.9%
4100.9
y/y 41.1%
498.1
y/y 26.7%
31.8%Report (KASE)
2024-06-30Q2 2024 (3M)OK63.0
y/y 38.3%
40.2
y/y 28.6%
3770.3
y/y 30.8%
446.8
y/y 23.2%
32.3%Report (KASE)
2024-03-31Q1 2024 (3M)OK58.2
y/y 39.4%
34.6
y/y 23.6%
3585.3
y/y 28.7%
479.9
y/y 26.2%
30.4%Report (KASE)
2023-12-31Q4 2023 (3M)OK272.1
y/y —
29.1
y/y —
3253.2
y/y —
429.8
y/y —
28.3%Report (PDF)
2023-09-30Q3 2023 (3M)OK50.6
y/y —
29.2
y/y —
2906.2
y/y —
393.1
y/y —
30.8%Report (KASE)
2023-06-30Q2 2023 (3M)OK45.9
y/y —
30.2
y/y —
2881.9
y/y —
362.7
y/y —
31.3%Report (KASE)
2023-03-31Q1 2023 (3M)OK41.8
y/y —
28.0
y/y —
2785.8
y/y —
380.4
y/y —
—Report (KASE)

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Monthly statistics (bank charter, NBK)

<div class='muted' style='font-size:.72rem;line-height:1.2'><span style='color:#166534'>+23.5% y/y</span> · 18.7 bln mo <span style='color:#166534'>+67.0%</span></div> source: NBK

Bank potential breakdown (Return per share)
ReportedForecastMonthly ×12
Reporting periodH1 2026
RAS profit, quarter months
Jan 2026 11.9 bln
Feb 2026 11.5 bln
Mar 2026 9.3 bln
Apr 2026 6.3 bln
May 2026 15.8 bln
Jun 2026 14.2 bln
Jan 2026 11.9 bln
Feb 2026 11.5 bln
Mar 2026 9.3 bln
Apr 2026 6.3 bln
May 2026 15.8 bln
Jun 2026 14.2 bln
RAS profit, following months
Jul 2026 4.8 bln
Aug 2026 13.6 bln
Forecast profit change (×0.93)-7%
Annualised profit, mln RUB129.2 bln119.8 bln163.1 bln
Book (equity)884.1 bln884.1 bln884.1 bln
ROE (annualised)15%14%18%
Price / Book1.16x1.16x1.16x
Potential [ROE / P/B]+13%+12%+16%
Card headline: avg of Forecast & Monthly+14%

Potential = annualised net profit / market cap (= ROE / P/B). 'Reported' is the last IFRS quarter annualised; 'Forecast' adjusts it for seasonality from the latest monthly RAS data (multiplier X = profit of the most recent months / profit of the quarter's months); 'Monthly ×12' annualises the latest RAS month. RAS = parent bank charter, IFRS = group; the bases differ, so the forecast is a momentum indicator.

PeriodNet profit (YTD)
Aug 202687.4 bln
-27.9% y/y · 13.6 bln mo +13.8%
Jul 202673.8 bln
-32.5% y/y · 4.8 bln mo -58.0%
Jun 202669.0 bln
-29.5% y/y · 14.2 bln mo -43.9%
May 202654.8 bln
-24.5% y/y · 15.8 bln mo +13.7%
Apr 202639.0 bln
-33.6% y/y · 6.3 bln mo -61.5%
Mar 202632.7 bln
-22.7% y/y · 9.3 bln mo -33.9%
Feb 202623.4 bln
-17.1% y/y · 11.5 bln mo -19.3%
Jan 202611.9 bln
-14.9% y/y · 11.9 bln mo -14.9%
Dec 2025182.3 bln
+13.9% y/y · 15.5 bln mo -31.0%
Nov 2025166.8 bln
+21.2% y/y · 13.5 bln mo +5.0%
Oct 2025153.4 bln
+22.9% y/y · 13.5 bln mo +17.5%
Sep 2025139.9 bln
+23.5% y/y · 18.7 bln mo +67.0%

Balance sheet & asset quality (NBK, bank-only)

Period-end balances and loan-book quality from the National Bank of Kazakhstan per-bank return (bank-only, pre-consolidation, not IFRS).

PeriodTotal assetsGross loansNPL 90+, % of loansStage 3, % of loans
Aug 20265.5 trn
+16.0% y/y
3.1 trn
+7.2% y/y
4.2%6.2%
Jul 20265.5 trn
+15.4% y/y
3.0 trn
+0.7% y/y
4.3%6.4%
Jun 20265.2 trn
+13.1% y/y
3.0 trn
+4.2% y/y
4.2%6.3%
May 20265.2 trn
+10.7% y/y
2.9 trn
+9.0% y/y
4.4%6.4%
Apr 20265.0 trn
+10.9% y/y
2.9 trn
+19.0% y/y
4.3%6.2%
Mar 20265.1 trn
+13.8% y/y
2.9 trn
+30.0% y/y
4.1%6.0%
Feb 20264.9 trn
+22.8% y/y
2.9 trn
+38.3% y/y
3.9%5.6%
Jan 20265.1 trn
+33.4% y/y
3.0 trn
+54.6% y/y
3.6%5.3%
Dec 20255.2 trn
+25.8% y/y
3.0 trn
+56.9% y/y
3.6%5.2%
Nov 20254.9 trn
+22.7% y/y
3.0 trn
+54.0% y/y
3.4%5.0%
Oct 20254.9 trn
+22.4% y/y
3.0 trn
+65.9% y/y
3.4%4.9%
Sep 20254.9 trn
+18.5% y/y
3.0 trn
+66.1% y/y
3.3%4.8%

Peer comparison

Group: Banks. Each peer is shown as it trades and re-priced onto this company's market (Kazakhstan) by the ratio of our coverage medians.

CompanyMarketCap, $bnP/EP/E, adjusted
State Bank of IndiaIndia94.110.3x3.5x
Emirates NBDUAE55.08.4x5.0x
BradescoBrazil43.69.3x5.0x
HDFC BankIndia115.415.5x5.2x
Abu Dhabi Commercial BankUAE35.99.7x5.8x
First Abu Dhabi BankUAE56.19.7x5.8x
ICICI BankIndia105.317.7x6.0x
KB Financial GroupKorea42.59.0x7.4x
Bank Central AsiaIndonesia35.611.1x13.9x
Royal Bank of CanadaCanada280.019.3x—
Mitsubishi UFJ Financial GroupJapan240.514.1x—
Bank of Nova ScotiaCanada115.620.9x—
Group median10.7x5.8x
Group average12.9x6.4x
This companyKazakhstan2.610.0x10.0x

Group median 10.7x as traded, 5.8x adjusted; this company 10.0x — a 73% premium.

Group average 12.9x as traded, 6.4x adjusted; against the average this company is at a 56% premium.

At the adjusted group median the market cap would be -42% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 28.3x, Russia 5.9x, South Africa 11.1x, Kazakhstan 9.2x, India 27.4x, Indonesia 7.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: KASE news).

Investor reporting (IR): https://ir.forte.kz/investors

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B), profitability and dividend yield of JSC "ForteBank" (ASBN) — from primary filings.

Frequently asked questions

What is JSC "ForteBank" (ASBN)'s P/E ratio?
JSC "ForteBank" (ASBN) trades at a P/E of 10.0x (price to trailing 12-month earnings).
What is JSC "ForteBank" (ASBN)'s P/B ratio?
JSC "ForteBank" (ASBN) trades at a P/B of 2.7x.
What is JSC "ForteBank" (ASBN)'s dividend yield?
JSC "ForteBank" (ASBN)'s trailing 12-month dividend yield is 7.8%.
What is JSC "ForteBank" (ASBN)'s return on equity (ROE)?
JSC "ForteBank" (ASBN)'s ROE is 15.6%.
What is JSC "ForteBank" (ASBN)'s market capitalization?
JSC "ForteBank" (ASBN)'s market cap is 1162.6 bn KZT.

See also: The Cheapest Bank Stocks in the World (2026): Where Global Banks Trade Below Book · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map