Assessment of SME Loan Portfolio Quality in Kazakhstan: Empirical Analysis from 2013 to 2023

Authors

DOI:

https://doi.org/10.47703/ejebs.v69i3.549

Keywords:

Economy, Economic Growth, Small Business, Medium-Sized Businesses, Business Lending, Overdue Debt, Financial Stability, Loan Portfolio

Abstract

The article is devoted to the assessment of the quality of the loan portfolio of small and medium-sized businesses (SMEs) in Kazakhstan to identify periods of credit instability and hidden risks that can limit the investment potential of enterprises. The methodological framework encompasses an analysis of the overdue debt structure, calculation of the sustainability coefficient and delinquency index, as well as cluster analysis to identify periods with varying degrees of credit risk. The results showed that the share of loans without delay increased from 69.2% in 2013 to 94.2% in 2023, while the share of problem loans over 90 days decreased from 23.9% to 3.9%. The overdue debt index decreased from 0.31 to 0.06, and the sustainability coefficient exceeded 5.5 in 2022, indicating an improvement in payment discipline and the ability of SMEs to service debts. The cluster analysis identified two periods: the crisis (2017-2018) and the recovery (2021-2023), which confirms the need for a differentiated policy in managing credit risks. The study confirmed the presence of cyclicity in the dynamics of SME credit risks and showed that the stabilization of the loan portfolio is possible only with a combination of macroprudential tools, government support programs and digitalization of credit monitoring. Future studies could focus on ESG factors and the level of digitalization of enterprises in credit risk assessment models, as well as comparative cross-country studies to identify adaptive policies in the context of regional differences. 

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Author Biographies

Aizada Seisenbayeva, Caspian Public University, Almaty, Kazakhstan.

Doctoral student, Email: aizada2023s@proton.me

Nazira Gumar, Almaty Technological University, Almaty, Kazakhstan.

Cand. Sc. (Econ.), Associate Professor, Email: gumnaz@mail.ru

 

Nurzhanat Sherimova, Toraighyrov University, Pavlodar, Kazakhstan.

PhD, Professor, Email: asanek2010@mail.ru

 

Nurgul Pernebekkyzy, Caspian University of Technology and Engineering named after Sh. Yessenov, Aktau, Kazakhstan.

PhD, Associate Professor, Email: tnurgul888@gmail.com

Urazgul Dzhakisheva, Abai Kazakh National Pedagogical University, Sorbonne-Kazakhstan Institute, Almaty, Kazakhstan.

PhD, Associate Professor, Email: symbat_201176@mail.ru

 

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How to Cite

Seisenbayeva, A., Gumar, N., Sherimova, N., Pernebekkyzy, N., & Dzhakisheva, U. (2025). Assessment of SME Loan Portfolio Quality in Kazakhstan: Empirical Analysis from 2013 to 2023. Eurasian Journal of Economic and Business Studies, 69(3), 66–80. https://doi.org/10.47703/ejebs.v69i3.549

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Published

2025-09-30