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Fair Value of Financial Instruments | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Fair Value of Financial Instruments [Abstract] |
Fair Value of Financial Instruments | 24. Fair value of financial instruments a. Fair value of financial instruments IFRS Accounting Standards as issued by the IASB defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. b. Fair value of the Group's financial assets and financial liabilities measured at fair value on a recurring basis Some of the Group's financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used).
Financial assets/ financial liabilities |  | 2023 |  |  | 2024 |  |  | Fair value hierarchy |  | Valuation technique(s) and key input(s)
Non-derivative financial assets at FVTOCI (Note 11) |  |  | 3,968 |  |  |  | 22,898 |  |  | Level 1 |  | Quoted prices in an active market.
Non-derivative financial assets at FVTOCI (Note 11) |  |  | 1,370,806 |  |  |  | 1,463,463 |  |  | Level 2 |  | Quoted prices in markets that are not active.
Non-derivative financial assets at FVTOCI (Note 11) |  |  | 2,322 |  |  |  | 3,261 |  |  | Level 3 |  | DCF method with weighted average discount ratio 14.1%
Unlisted equity investments classified as financial assets at FVTOCI |  |  | 34 |  |  |  | 60 |  |  | Level 3 |  | Adjusted net assets based on most recent published financial statements of unlisted companies with discount for marketability and liquidity. Discount ratios varies from 10% to 30%.
Derivative financial assets (Note 11) |  |  | 642 |  |  |  | 17,149 |  |  | Level 2 |  | DCF method. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties.
Derivative financial liabilities (Note 19) |  |  | 1,165 |  |  |  | 262 |  |  | Level 2 |  | DCF method. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties.
As at 31 December 2023, the fair value of the investment securities in Level 2 includes short-term and long-term sovereign debt securities of KZT 407,086 million and KZT 713,131 million, respectively. As at 31 December 2024, the fair value of the investment securities in Level 2 includes short-term and long-term sovereign debt securities of KZT 356,712 million and KZT 820,340 million, respectively. Those investment securities are by nature and for regulatory purposes treated as high quality liquid assets, but are classified as Level 2 due to insufficient trading on regulated market. The reconciliation of Level 3 fair value measurements of financial assets is presented as follows:
|  | Fair value through other comprehensive income |
|  | Unquoted debt securities |  |  | Total |
1 January 2023 |  |  | - |  |  |  | - |
Total gains or losses: |  |  |  |  |  |
- in profit or loss |  |  | - |  |  |  | - |
- in other comprehensive income |  |  | - |  |  |  | - |
Purchases |  |  | - |  |  |  | - |
Issues |  |  | - |  |  |  | - |
Disposals/settlements |  |  | - |  |  |  | - |
Transfer into level 3 |  |  | 2,322 |  |  |  | 2,322 |
Transfers out of level 3 |  |  | - |  |  |  | - |
31 December 2023 |  |  | 2,322 |  |  |  | 2,322 |
Total gains or losses: |  |  |  |  |  |
- in profit or loss |  | - |  |  | - |
- in other comprehensive income |  |  | 939 |  |  |  | 939 |
Purchases |  |  | - |  |  |  | - |
Issues |  | - |  |  | - |
Disposals/settlements |  | - |  |  | - |
Transfer into level 3 |  | - |  |  | - |
Transfers out of level 3 |  | - |  |  | - |
31 December 2024 |  |  | 3,261 |  |  |  | 3,261 |
During the twelve months ended 31 December 2024, there were no transfers between Level 1, Level 2 and Level 3. c. Fair value of financial assets and financial liabilities that are not measured at fair value on a recurring basis (but fair value disclosures are required). Except as detailed in the following table, management of the Group considers that the carrying amount of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values.
|  | 2023 |  |  |
|  | Carrying amount |  |  | Fair value |  |  | Fair value hierarchy
Due from banks |  |  | 30,683 |  |  |  | 30,048 |  |  | Level 2
Loans to customers |  |  | 4,235,957 |  |  |  | 4,230,722 |  |  | Level 3
Due to banks |  |  | 154 |  |  |  | 154 |  |  | Level 2
Customer accounts |  |  | 5,441,456 |  |  |  | 5,382,189 |  |  | Level 2
Debt securities issued |  |  | 99,468 |  |  |  | 96,666 |  |  | Level 2
Subordinated debt |  |  | 62,369 |  |  |  | 60,895 |  |  | Level 2
|  | 2024 |  |  |
|  | Carrying amount |  |  | Fair value |  |  | Fair value hierarchy
Due from banks |  |  | 37,908 |  |  |  | 37,330 |  |  | Level 2
Loans to customers |  |  | 5,746,600 |  |  |  | 5,663,357 |  |  | Level 3
Due to banks |  |  | 24,474 |  |  |  | 24,474 |  |  | Level 2
Customer accounts |  |  | 6,561,950 |  |  |  | 6,515,258 |  |  | Level 2
Debt securities issued |  |  | 51,050 |  |  |  | 49,838 |  |  | Level 2
Subordinated debt |  |  | 62,416 |  |  |  | 60,645 |  |  | Level 2
Assets and liabilities for which fair value approximates carrying value For financial assets and liabilities that have a short-term maturity (less than 3 months), it is assumed that the carrying amounts approximate to their fair value. This assumption is also applied to demand deposits and savings accounts without a maturity. Due from banks The estimated fair value of term due from banks is determined by discounting the contractual cash flows using interest rates currently offered for due from banks with similar terms. Loans to customers Loans to individual customers are made at fixed rates. The fair value of fixed rate loans has been estimated by reference to the market rates available at the reporting date for loans with similar maturity profile. Due to banks The estimated fair value of due to banks is determined by discounting the contractual cash flows using interest rates currently offered for due to banks with similar terms. Customer accounts The estimated fair value of term deposits is determined by discounting contractual cash flows using interest rates currently offered for deposits with similar terms. For current accounts which are non-interest bearing, the Group considers fair value to equal carrying value, which is equivalent to the amount payable on the balance sheet date. Debt securities issued, subordinated debt Debt securities issued and subordinated debt are valued using quoted prices. Assets and liabilities for which fair value approximates carrying value For financial assets and liabilities that have a short-term maturity (less than 3 months), it is assumed that the carrying amounts approximate to their fair value. This assumption is also applied to demand deposits and savings accounts without a maturity.

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