Baku, Azerbaijan, Dec. 3
By Elena Kosolapova - Trend:
Kazakh Halyk Bank and its subsidiaries received a record consolidated net profit in January- September 2014, the bank reported on Dec. 3.
Net profit of the group hit $504.1 (92 billion tenge) in this period.
"This is the highest result in the history of the bank and Kazakhstan's banking sector," the bank said.
The bank's assets increased by 13.5 percent since the beginning of 2014. Gross loans to customers decreased by 0.7 percent due to writing off bad loans. Net loans to customers increased by 2.3 percent.
Deposits of legal entities and individuals grew by 9.7 percent and 13.3 percent compared to December 31, 2013.
Issued debt securities increased by 16.3 percent compared to December 31, 2013 mainly as a result of the revaluation of Eurobonds denominated in US dollars, according to the new exchange rate after the devaluation of the tenge in February 2014.
The banks's equity increased by 17.9 percent since the beginning of 2014 mainly due to the net profit generated during the first nine months 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.
Elena Kosolapova is Trend Agency's staff journalist
Follow her on Twitter: @E_Kosolapova