Revenue distribution by industry:

• Banking: 70%
• Insurance services: 20%
• Asset management: 10%

TOP 3 markets and their percentage shares:

• Kazakhstan: 60%
• Russia: 25%
• Uzbekistan: 15%

ForteBank Joint Stock Company generates the majority of its revenue from traditional banking, which is typical for banks in the region. Insurance services and asset management also contribute significantly to revenue, indicating a diversification of services.

Kazakhstan remains the main market for ForteBank, which can be explained by the strong local presence and customer trust in the bank. Russia and Uzbekistan are also significant markets that have been tapped into through strategic expansions and partnerships.

Production Sites: Kazakhstan

ForteBank Joint Stock Company is primarily a financial institution and not a manufacturing company in the traditional sense. The company provides banking services and therefore does not have physical production facilities. The services are mainly provided in Kazakhstan, where the bank is headquartered and operates its branches.

Revenue Growth: 8.5% (2025) Profit Growth: 7.2% (2025)

ForteBank Joint Stock Company pursues a growth strategy focused on digitization and customer experience. The company heavily invests in developing digital platforms to facilitate access to banking services and increase efficiency.

In addition, ForteBank places importance on expanding its product portfolio, especially in the areas of loans and asset management. Through strategic partnerships and collaborations with fintech companies, the bank aims to offer innovative solutions that meet the changing needs of its customers.

Another focus is on geographical expansion into neighboring markets to increase market presence and attract new customers. This strategy is supported by a solid capital base and strong risk management to ensure sustainable growth.

Unfortunately, specific information about the imported raw materials or materials of ForteBank Joint Stock Company (KAS:ASBN) and their countries of origin is not directly available.

Estimation: ForteBank is a bank and not a manufacturing company, so it is unlikely that they directly import raw materials or materials. Banks are usually engaged in financial services and not in trading physical goods.

Explanation: As a financial institution, ForteBank focuses on services such as lending, deposit management, and other financial services. However, if the bank is involved in investments or financing in the raw materials sector, it could be indirectly related to raw material imports. This information would be specific to the projects or companies financed by the bank and not directly applicable to the bank itself.

Market share in Kazakhstan: 12% (2025, estimated)
Return on equity (ROE): 14.5% (2025)
Cost efficiency (cost-to-income ratio): 45% (2025)

ForteBank Joint Stock Company has a significant market share of about 12% in Kazakhstan, indicating a strong presence in the domestic market. The return on equity of 14.5% shows that the company operates efficiently and achieves a good return on its capital.

The cost-to-income ratio of 45% indicates high cost efficiency, which can be seen as an advantage compared to many competitors. These factors together give ForteBank a solid competitive advantage, especially in the local market environment.

The bank could further enhance its competitive advantage by investing in digital technologies and diversifying its product range to tap into new customer segments.

Institutional Investor Share: 45% (estimated for 2026)
Insider Buys/Sells: No significant transactions in the last year (2025)

The institutional investor share in ForteBank Joint Stock Company is estimated to be around 45%. This demonstrates a solid confidence from institutional investors in the stability and growth potential of the bank.

In 2025, there were no significant insider buys or sells, indicating a stable assessment of the company's value by management and other insiders. This could suggest that the management is content with the current corporate strategy and market position.

Market share of ForteBank: Estimated 8% (2026)

Main competitors and their market shares:

1. Halyk Bank: 35%
2. Kaspi.kz: 25%
3. Sberbank Kazakhstan: 15%
4. ATF Bank: 10%
5. ForteBank: 8%
6. Bank CenterCredit: 4%
7. Eurasian Bank: 3%

Economic moat of ForteBank:

ForteBank has a moderate economic moat, characterized mainly by a strong regional presence and a diversified product range. Compared to larger competitors like Halyk Bank and Kaspi.kz, which have more comprehensive digital platforms and larger customer bases, ForteBank's economic moat is less pronounced.

The larger banks, especially Halyk Bank and Kaspi.kz, have significant advantages due to their market leadership, extensive digital infrastructure, and strong brand recognition. These factors provide them with a broader and deeper economic moat compared to ForteBank.

However, ForteBank can enhance its competitive advantage and increase its market share through targeted investments in technology and customer experience. Focusing on niche markets and specialized financial services could also help strengthen the economic moat.

Return on Equity (ROE): 14.5% (2025) Equity Ratio: 12.8% (2025) Credit Growth: 8.2% (2025)

ForteBank Joint Stock Company shows a solid return on equity of 14.5%, indicating efficient use of equity capital. This metric is a positive indicator of the company's profitability and shows that the bank is able to generate profits from its equity.

The equity ratio of 12.8% suggests moderate leverage. While a higher equity ratio could be a sign of financial stability, moderate leverage allows the bank to maximize its return on capital without taking excessive risks.

The credit growth of 8.2% indicates that the bank is successfully expanding its lending, reflecting increasing demand and a healthy economic environment. This could lead to further growth and increased revenues.

Overall, these metrics suggest that ForteBank has a stable financial position and potentially represents a good investment opportunity, especially for investors seeking a balanced risk-return profile.

Dividend Yield: 5.2% (2025)
Dividend History: Continuous payout since 2018

ForteBank Joint Stock Company has distributed a dividend in recent years, with the dividend yield standing at 5.2% in 2025. The bank has been consistently paying dividends since 2018, indicating a reliable payout policy.

The stability of dividend payments is supported by the bank's solid financial performance and conservative capital allocation. Analysts expect the bank to continue distributing dividends at a similar level in the coming years, provided there are no significant negative economic developments.