News Column

Halyk Bank 1Q14 IFRS results

May 21, 2014

Halyk Bank reported its 1Q14 IFRS results. Earnings of KZT 38bn (ROE 36.6%) beat the consensus by 66% and our forecast by 42% on the back of one-off loan repayments and the effects of the tenge devaluation. Supported by the devaluation, NII grew 8.5% QoQ and 36.5% YoY, even as NIM based on total assets stayed flat QoQ at 4.7%. Net F&C income surged 47.7% QoQ and 70.2%, as fee income from the pension fund reached KZT 12bn, with substantial revenues resulting from KZT-based gains on FC assets in the fundÂs portfolio.

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Source: EMBIN (Emerging Markets Business Information News)