H4L1 Halyk Savings Bank of Kazakhstan GDR

JSC Halyk Bank: Consolidated financial results for the six month ended 30 June 2020

JSC Halyk Bank (HSBK)
JSC Halyk Bank: Consolidated financial results for the six month ended 30 June 2020

17-Aug-2020 / 06:39 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

17 August 2020

 

Joint Stock Company 'Halyk Savings Bank of Kazakhstan'

Consolidated financial results

for the six month ended 30 June 2020

Joint Stock Company 'Halyk Savings Bank of Kazakhstan' and its subsidiaries (together "the Bank")       (LSE: HSBK) releases consolidated financial information for the six months ended 30 June 2020.

 

Consolidated income statements

KZT mln

 

 

1H 2020

1H 2019

Y-o-Y,%

2Q 2020

2Q 2019

Y-o-Y,%

Interest income

359,848

356,084

1.1%

180,500

179,901

0.3%

Interest expense

(151,425)

(165,824)

(8.7%)

(76,151)

(82,250)

(7.4%)

Net interest income before  credit loss expense

208,423

190,260

9.5%

104,349

97,651

6.9%

Fee and commission income

60,246

57,684

4.4%

29,435

30,711

(4.2%)

Fee and commission expense

(31,790)

(24,756)

28.4%

(14,855)

(13,236)

12.2%

Net fee and commission income

28,456

32,928

(13.6%)

14,580

17,475

(16.6%)

Insurance income(1)

7,499

1,262

5.9x

5,758

1,330

4.3x

FX operations(2)

11,162

32,479

(65.6%)

52,259

15,281

3.4x

(Loss)/gain from derivative operations and securities (3)

5,989

(20,090)

(129.8%)

(55,156)

(6,595)

8.3x

Other income and share in profit of associate

21,018

20,781

1.1%

5,908

11,554

(48.9%)

Credit loss expense (4)

(33,906)

(12,686)

167.3%

(13,816)

(3,615)

3.8x

Other credit loss expense

(3,116)

(2,081)

49.7%

(1,205)

(1,776)

(32.2%)

Operating expenses

(74,637)(5)

(61,385)

21.6%

(37,147)(6)

(32,160)

15.5%

Income tax expense

(14,894)

(17,239)

(13.6%)

(605)

(9,418)

(93.6%)

 

-

-

-

-

-

-

 

-

-

-

-

-

-

Net income

155,994

164,229

(5.0%)

74,925

89,727

(16.5%)

 

 

 

 

 

 

 

Net interest margin, p.a.

5.2%

5.1%

 

5.0%

5.1%

 

Return on average equity, p.a.

22.6%

29.8%

 

21.2%

32.5%

 

Return on average assets, p.a.

3.3%

3.7%

 

3.1%

4.0%

 

Cost-to-income ratio

25.8%

22.6%

 

28.2%

21.8%

 

Cost of risk on loans to customers, p.a.

 

1.3%

 

0.5%

 

 

1.0%

 

0.3%

 

 

 

 

 

  1. insurance underwriting income (gross insurance premiums written, net change in unearned insurance premiums, ceded reinsurance share) less insurance claims incurred, net of reinsurance (insurance payments, insurance reserves expenses, commissions to agents);
  2. Net gain on foreign exchange operations;
  3. Net (loss)/gain from financial assets and liabilities at fair value through profit or loss and net realised gain from financial assets at fair value through other comprehensive income (FVOCI);
  4. Total credit loss expense, including credit loss expense on loans to customers, amounts due from credit institutions, financial assets at FVTOCI, cash and cash equivalents and other assets;
  5. Including loss from impairment of non-financial assets of KZT 3.6 bn;
  6. Including loss from impairment of non-financial assets of KZT 1.7 bn;

 

 

 

Net income decreased by 16.5% to KZT 74.9bn for 2Q 2020 compared to KZT 89.7bn for 2Q 2019 mainly as a result of increase in credit loss expenses.

 

Interest income slightly increased by 0.3% to KZT 180.5bn for 2Q 2020 compared to KZT 179.9bn for   2Q 2019 mainly as a result of increase in average balances of interest-earning assets. Interest expense decreased by 7.4% compared to 2Q 2019. In comparison with 2Q 2019, net interest margin decreased by 0.1% as a result of decline in interest rates on FX interbank deposits and increase in share of placement in lower yielding FX instruments.

 

Cost of risk increased to 1.0% compared to 0.3% in 2Q 2019 due to the additional allowances for expected credit losses reflecting the increased risk and uncertainty from COVID-19 outbreak and lockdown restrictions.

 

Fee and commission income reduction by 4.2% in comparison to 2Q 2019 was caused by decrease in fees derived from cash operations in 2Q 2020 due to the effect of COVID-19 lockdown, and as  a result of some fees on payment card operations became free of charge.

 

Fee and commission expense increased by 12.2% compared to 2Q 2019 due to growth of service fees payable to the international payment systems as a result of increase of non-cash transactions.

 

Other non-interest income(7) decreased by 85.1% to KZT 3.0bn for 2Q 2020 vs. KZT 20.2bn for 2Q 2019 due to net loss from derivative operations and securities mainly related to loss from revaluation of swap with NBRK and as a result of lower income from the sale of property by subsidiary SPVs.

 

Insurance income(8) for 2Q 2020 increased by 4.3 times vs. 2Q 2019 due to the growth of insurance premium on life insurance of the borrower under the Bank's new unsecured lending program.

 

Operating expenses (including loss from impairment of non-financial assets) for 2Q 2020 increased by 15.5% vs. 2Q 2019 mainly due to loss from impairment of non-financial assets of KZT 1.7bn in 2Q 2020 and loyalty program bonuses payable to the customers, which are included in operating expenses related to the advertisement starting from 4Q 2019.

 

The Bank's cost-to-income ratio increased to 28.2% compared to 21.8% for 2Q 2019 due to lower operating income in 2Q 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Other non-interest income (net gain on foreign exchange operations, net loss from financial assets and liabilities at fair value through profit or loss, net realised gain from financial assets at fair value through other comprehensive income, share in profit of associate and other income);
  2. Insurance underwriting income (gross insurance premiums written, net change in unearned insurance premiums, ceded reinsurance share) less insurance claims incurred, net of reinsurance (insurance payments, insurance reserves expenses, commissions to agents).

 

 

 

 

 

Statement of financial position review

KZT mln

 

 

30-Jun-20

 

31-Mar-20

 

Change Q-o-Q, %

 

31-Dec-19

 

Change, abs

 

Change YTD, %

Total assets

9,731,200

 

10,034,323

 

(3.0%)

 

9,234,758

 

496,442

 

5.4%

Cash and reserves

2,304,306

 

2,237,523

 

3.0%

 

1,805,343

 

498,963

 

27.6%

Amounts due from credit institutions

101,351

 

72,161

 

40.5%

 

53,161

 

48,190

 

90.6%

T-bills & NBRK notes

2,075,528

 

2,049,302

 

1.3%

 

1,954,066

 

121,462

 

6.2%

Other securities & derivatives

721,004

 

1,094,266

 

(34.1%)

 

1,074,867

 

(353,863)

 

(32.9%)

Gross loan portfolio

4,389,064

 

4,427,427

 

(0.9%)

 

4,161,163

 

227,901

 

5.5%

Stock of provisions

(444,585)

 

(454,166)

 

(2.1%)

 

(408,718)

 

(35,867)

 

8.8%

Net loan portfolio

3,944,479

 

3,973,261

 

(0.7%)

 

3,752,445

 

192,034

 

5.1%

Assets held for sale

44,539

 

62,455

 

(28.7%)

 

45,766

 

(1,227)

 

(2.7%)

Other assets

539,993

 

545,355

 

(1.0%)

 

549,110

 

(9,117)

 

(1.7%)

Total liabilities

8,262,263

 

8,674,629

 

(4.8%)

 

7,927,535

 

334,728

 

4.2%

Total deposits, including:

6,756,011

 

6,935,284

 

(2.6%)

 

6,406,413

 

349,598

 

5.5%

retail deposits

3,470,200

 

3,581,446

 

(3.1%)

 

3,251,216

 

218,984

 

6.7%

   term deposits

2,865,134

 

3,081,899

 

(7.0%)

 

2,743,019

 

122,115

 

4.5%

   current accounts

605,066

 

499,547

 

21.1%

 

508,197

 

96,869

 

19.1%

corporate deposits

3,285,811

 

3,353,838

 

(2.0%)

 

3,155,197

 

130,614

 

4.1%

   term deposits

1,588,246

 

1,364,196

 

16.4%

 

1,441,930

 

146,316

 

10.1%

   current accounts

1,697,565

 

1,989,642

 

(14.7%)

 

1,713,267

 

(15,702)

 

(0.9%)

Debt securities

864,453

 

917,361

 

(5.8%)

 

834,446

 

30,007

 

3.6%

Amounts due to credit institutions

270,393

 

418,047

 

(35.3%)

 

305,965

 

(35,572)

 

(11.6%)

Other liabilities

371,406

 

403,937

 

(8.1%)

 

380,711

 

(9,305)

 

(2.4%)

Equity

1,468,937

 

1,359,694

 

8.0%

 

1,307,223

 

161,714

 

12.4%
                         

 

As at the end of 2Q 2020, total assets increased by 5.4% vs. YE 2019 due to growth in deposits and total equity. Whereas, the decrease by 3.0% vs. the end of the 1Q 2020 was caused by revaluation of FX balance sheet positions due to KZT appreciation versus US dollar during 2Q 2020 and decrease in the volume of funds raised under REPO transactions.

 

Compared with the end of 1Q 2020, loans to customers decreased by 0.9% on a gross basis and 0.7% on a net basis. Decrease of gross loan portfolio in 2Q 2020 was attributable to decrease in corporate loans (5.1% on a gross basis) mainly due to revaluation of FX loans, whereas SME and retail loans increased by 8.3% and 3.9% on a gross basis, respectively.

 

As at the end of 2Q 2020, Stage 3 ratio increased to 15.7% from 15.5% as at the end of 1Q 2020 mainly due to impairment of a corporate borrower previously considered as the borrower with increased credit risk.

 

Deposits of legal entities and individuals increased by 4.1% and 6.7%, respectively, compared to YE 2019 mainly due to fund inflow from the Bank's clients and positive revaluation of FX-denominated deposits due to KZT depreciation in 1H 2020. As at the end of 2Q 2020, the share of corporate KZT deposits in total corporate deposits was 56.7% compared to 50.8% as at the end of 1Q 2020, whereas the share of retail KZT deposits in total retail deposits was 43.6% compared to 37.6% as at the end of 1Q 2020.

 

Amounts due to credit institutions decreased by 35.3% vs. the end of 1Q 2020 mainly due to decrease in loans under REPO agreements attracted in 1Q to provide current cash flows in KZT within the Bank's operating activities. As at 30 June 2020, 77.3% of the Bank's obligations to financial institutions were represented by loans from Kazakhstan banks (incl. loans under REPO agreements), KazAgro National Managing Holding, DAMU Development Fund, Development Bank of Kazakhstan drawn in 2014-2017 within the framework of government programs supporting certain sectors of economy.

 

Debt securities issued decreased by 5.8% compared to the end of 1Q 2020 as a result of revaluation of FX denominated debt securities due to KZT appreciation versus US dollar during 2Q 2020.

As at the date of this press-release, the Bank's debt securities portfolio was as follows:

 

 

Description of the security

Nominal amount outstanding

Interest rate

Maturity Date

 

 

 

 

Eurobond

USD 500 mln

7.25% p.a.

January 2021

Eurobond

USD 548 mln

5.5% p.a.

December 2022

Local bonds

KZT 100.0 bn

7.5% p.a.

November 2024

Local bonds

KZT 131.7 bn

7.5% p.a.

February 2025

Local bonds

KZT 93.6 bn

8.75% p.a.

January 2022

Subordinated coupon bonds

KZT 101.1 bn

9.5% p.a.

October 2025

Local bonds listed at Astana International Exchange

USD 181.5 mln

3.0% p.a.

April 2022

 

 

As at the end of 2Q 2020, total equity increased by 8.0% compared with the end of 1Q 2020 as a result of net profit earned by the Bank during 2Q 2020.

 

The Bank's capital adequacy ratios were as follows*:

 

 

30-Jun-20

31-Mar-20

31-Dec-19

30-Sep-19

30-Jun-19

 

 

 

 

 

 

Capital adequacy ratios, unconsolidated:

Halyk Bank

k1-1

25.9%

22.5%

21.3%

21.4%

19.7%

k1-2

25.9%

22.5%

21.3%

21.4%

19.7%

k2

27.9%

24.4%

23.1%

23.4%

21.5%

 

 

 

 

 

 

Capital adequacy ratios, consolidated:

CET 1

25.2%

20.6%

20.6%

20.0%

18.3%

Tier 1 capital

25.2%

20.6%

20.6%

20.0%

18.3%

Total capital

26.7%

21.9%

21.9%

21.2%

19.6%

 

* minimum capital regulatory adequacy requirements: k1 ­- 9.72%, k1-2 - 10.72% and k2 - 12.22%, including conservation buffer of 3% and systemic buffer of 1% for each of these ratios.

 

 

 

 

 

 

 

 

The consolidated financial information for six months ended 30 June 2020, including the notes attached thereto, are available on Halyk Bank's website:

 

A 2Q 2020 results webcast will be hosted at 2:00 p.m. London time/9:00 a.m. EST on Monday, 17 August 2020:                

 

 

About Halyk Bank

 

Halyk Bank is Kazakhstan's leading financial services group, operating across a variety of segments, including retail, SME & corporate banking, insurance, leasing, brokerage and asset management. Halyk Bank has been listed on the Kazakhstan Stock Exchange since 1998, on the London Stock Exchange since 2006 and Astana International Exchange since October 2019.

 

With total assets of KZT 9,731.2 bn as at 30 June 2020, Halyk Bank is Kazakhstan's leading lender. The Bank has the largest customer base and broadest branch network in Kazakhstan, with 621 branches and outlets across the country. The Bank operates in Georgia, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.

 

For more information on Halyk Bank, please visit

 

- ENDS-

For further information, please contact:

Halyk Bank

 

 

 

 

 

Mira Kassenova

 

+7 727 259 04 30

 

Margulan Tanirtayev

 

3

 
ISIN: US46627J3023
Category Code: MSCL
TIDM: HSBK
Sequence No.: 82212
EQS News ID: 1119215

 
End of Announcement EQS News Service

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17/08/2020

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PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
05/02/25 May 2, 2025 1 EN
Research Team
  • Research Team
JMT Jeronimo Martin...
CEZ CEZ AS ... (+10)

WOOD Daily: HSBK LI; DIA PW; KTY PW; KTY PW; CEZ CP; PL Macro; GR Macr...

HEADLINES: • Halyk Bank: efficient frontier (stays BUY) • Diagnostyka: 4Q24 prelims and DPS proposal ahead of expectations POSITIVE • Kety: 1Q25 results in line with the preliminaries, PLN 48.78 DPS proposed NEUTRAL • Kety: new strategy assumes PLN 1.35bn in EBITDA in 2029E, close to our forecast NEUTRAL • CEZ: said to be nearing sale of nuclear SPV to the State POSITIVE • Poland macro: mixed results in March • Greece macro: 2024 budget surplus triggers one-off fiscal easing this year • Kazatomp...

JMT JERONIMO MARTINS SGPS S.A.
CEZ CEZ AS
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ENA ENEA S.A.
EUR EUROCASH S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DNP DINO POLSKA S.A.
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
DIAG DIAGNOSTYKA SA
04/23/25 April 23, 2025 1 EN

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