Frontierby eninvs

Language: EN · RU

← Region

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 (+72% y/y, Q1 2026)✓Strong ROE (25%)✓Book value growing (+36%)✗Profit falling (-32% y/y, Q1 2026)

Sector: Banks

ASBN

Price chart

11.26 KZTDay 0.18%

Key metrics

Market

Price
11.26 KZT · 0.18%
Market cap
1175.4 bn KZT

Growth

Δ NII y/y
71.6%
Δ net profit y/y
-31.5%

Multiples

P/E (LTM)
10.1x
P/B (FY)
2.7x
P/E (ann.)
3.4x

Returns

Dividend yield
7.8%
ROE (annualized)
28.3%
ROI (ROE ÷ P/B)
10.3%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+9.2%
↓ details

Liquidity

Daily turnover (KASE)
282

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
2026-03-31Q1 2026 (3M)OK258.1
y/y 71.6%
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)OK222.5
y/y -49.2%
47.6
y/y -44.3%
6102.1
y/y 49.2%
774.9
y/y 36.4%
29.6%Report (KASE)
2025-09-30Q3 2025 (3M)OK179.4
y/y 163.4%
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)OK168.4
y/y 163.0%
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)OK150.5
y/y 158.3%
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)OK437.9
y/y 60.9%
85.6
y/y 194.5%
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)

Monthly statistics (bank charter, NBK)

<div class='muted' style='font-size:.72rem;line-height:1.2'><span style='color:#166534'>+18.7% y/y</span> · 11.9 bln mo <span style='color:#991b1b'>-8.7%</span></div> source: NBK

Bank potential breakdown (Return per share)
ReportedForecastMonthly ×12
Reporting periodQ1 2026
RAS profit, quarter months
Jan 2026 11.9 bln
Feb 2026 11.5 bln
Mar 2026 9.3 bln
Jan 2026 11.9 bln
Feb 2026 11.5 bln
Mar 2026 9.3 bln
RAS profit, following months
Apr 2026 6.3 bln
May 2026 15.8 bln
Jun 2026 14.2 bln
Jul 2026 4.8 bln
Forecast profit change (×1.06)+6%
Annualised profit, mln RUB125.7 bln133.8 bln57.6 bln
Book (equity)814.5 bln814.5 bln814.5 bln
ROE (annualised)15%16%7%
Price / Book1.28x1.28x1.28x
Potential [ROE / P/B]+12%+13%+6%
Card headline: avg of Forecast & Monthly+9%

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)
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%
Aug 2025121.2 bln
+18.7% y/y · 11.9 bln mo -8.7%

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
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%
Aug 20254.8 trn
+15.3% y/y
2.9 trn
+65.6% y/y
3.2%4.7%

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, EV/EBITDA), 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 10.1x (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 28.3%.
What is JSC "ForteBank" (ASBN)'s market capitalization?
JSC "ForteBank" (ASBN)'s market cap is 1175.4 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