Client assets in foreign-market brokerage fell by AZN 552 million over the first half. This segment drove the decline in total client assets.
Where assets declined
According to page 58 of the CBA Financial Stability Report, foreign brokerage client assets fell from AZN 2,216 million at end-2025 to AZN 1,664 million in June 2026, a decline of about 25%.
Total client assets fell by a smaller AZN 472 million. Other categories therefore partly offset the reduction in foreign portfolios. This follows from the balance breakdown; it does not prove that money moved directly between services.
Other assets softened the decline
The difference between total client assets and foreign brokerage balances increased from AZN 367 million to AZN 447 million. The AZN 80 million increase partly offset the decline in foreign portfolios. This is FinFly’s calculation from two CBA headline figures; it does not describe account flows and is not a separately reported business segment.
Foreign brokerage’s share of total client assets declined from approximately 85.8% to 78.8%. The sector remains heavily exposed to this business, even after the reduction in its share.
| Segment, AZN m | End-2025 | June 2026 |
|---|---|---|
| Foreign brokerage | 2216 | 1664 |
| Residual: total less foreign assets* | 367 | 447 |
| Total reported by CBA | 2583 | 2111 |
A smaller balance is not an investment loss
Changes in balances can reflect withdrawals, market valuation, currency effects and other movements. This section of the CBA report does not separate flows from revaluation. Calling the entire AZN 552 million decline a client loss would therefore be misleading.
A smaller foreign brokerage asset base may affect future fee income, depending on how services are priced. Understanding the decline requires net inflows and withdrawals, portfolio returns and active client counts. The published report does not provide that breakdown.
