Kazakh Halyk bank reduces profit

Baku, Azerbaijan, May 19

By Elena Kosolapova - Trend:

Kazakh Halyk Savings Bank and its subsidiaries released on May 19 their condensed interim consolidated financial information for the first three months of 2014.

Bank's net income increased by 96.8 percent to 37.9 billion tenge (182.01 tenge = $1) in the reporting period compared to the same period of 2013.

"Interest income increased mainly due to increase in average balances of loans to customers by 15.5 percent and in average interest rate on loans to customers to 11.8 percent per annum in the first quarter 2014 from 11.5 percent per annum in the same period of 2013," the bank said.

Halyk Bank's total assets increased by 16.5 percent since the end of 2013 mainly in cash and cash equivalents (70.6 percent), available-for-sale investment securities (6.5 percent) and loans to customers (2.8 percent).

Return on average equity rose to 38.7 percent per annum compared to 23 percent per annum in the first quarter of 2013.
Return on average assets increased to 5.6 percent per annum compared to 3.2 percent per annum in the first quarter of 2013.

Loans to customers grew by 3.8 percent on a gross basis and by 2.8 percent on a net basis since Dec. 31, 2013.

Gross loan portfolio growth resulted from increase in corporate loans and loans to small and medium enterprises by 4.5 percent and retail loans by 1.4 percent.

30-day nonperforming loans ratio increased to 19.9 percent as of 31 March 2014 compared to 18.2 percent as of 31 December 2013. 90-day nonperforming loans ratio decreased to 17.5 percent as of 31 March 2014 compared to 18 percent as of 31 December 2013.

"The increase in 30-day nonperforming loans was mainly due to technical defaults by some corporate borrowers, though such delinquencies were mostly repaid in April and May 2014. The bank created IFRS provisions that covered 30-day nonperforming loans by 92.4 percent and 90-day nonperforming loans by 104.9 percent as of 31 March 2014," the bank said.

Term deposits of legal entities decreased by 11.9 percent since the end of 2013 mainly due to partial withdrawal of funds by some corporate clients to finance their on-going business needs, including tax payments to the state budget in March 2014. Current accounts of legal entities increased by 97.2 percent compared to December 31, 2013 as a result of new fund inflow during the first quarter of 2014.

Term deposits of individuals increased by 14.7 percent compared to the end of 2013 due to growing volumes of retail banking business. Current accounts of individuals decreased by 7.1 percent compared to the end of 2013 mainly as a result of seasonal fluctuations.

Debt securities issued increased by 16.4 percent since December 31, 2013 mainly due to recalculation of USD-denominated Eurobond issues at new tenge exchange rate after tenge devaluation in February 2014. The bank's debt securities issued mainly consist of two outstanding Eurobond issues for $700 million and $500 million with bullet maturity in May 2017 and January 2021, respectively, each bearing a coupon rate of 7.25 percent.
Total equity increased by 9.4 percent compared to the end of 2013 mainly on the back of net profit earned during the first quarter of 2014.
Halyk Bank is a leading financial group and the largest retail bank in Kazakhstan.

The main shareholder of the bank is the ALMEX holding group controlled by the daughter of the Kazakh President Dinara Nazarbayeva and her husband Timur Kulibayev.

Edited by C.N.

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