Abstract
The relevance of this study is determined by the growing importance of human capital in the context of accelerated digital transformation and the transition of banks in the Republic of Kazakhstan toward project-based management models. Digitalization fundamentally changes the organization of banking processes, increases the role of cross-functional teams, and strengthens the dependence of financial performance on employees’ competencies, adaptability, and innovative capacity. Under these conditions, human capital becomes not only a supporting resource but a strategic asset that directly influences the sustainability and competitiveness of banking institutions. The purpose of this study is to provide an empirical assessment of the impact of human capital indicators on the financial performance of banks in Kazakhstan operating under a project-oriented management model. Bank performance is evaluated using key indicators such as return on assets (ROA), return on equity (ROE), and the cost-to-income ratio (CIR). Human capital is measured through indicators reflecting investments in personnel development, training expenditures, and staff-related efficiency metrics. The methodology of the study is based on descriptive statistical analysis, correlation analysis, and multiple regression modeling, which allows identifying both the direction and the magnitude of the relationship between human capital variables and financial performance indicators. The results demonstrate that investments in human capital have a statistically significant and economically meaningful impact on bank efficiency. Project-based management enhances the return on human capital investments by improving coordination, accelerating decision-making processes, and fostering knowledge sharing within project teams. The practical significance of the study lies in the applicability of its findings for developing HR strategies and human capital management systems in the banking sector of Kazakhstan.