H4L1 Halyk Savings Bank of Kazakhstan GDR

JSC Halyk Bank: Consolidated financial results for the year ended 31 December 2022

JSC Halyk Bank (HSBK)
JSC Halyk Bank: Consolidated financial results for the year ended 31 December 2022

13-March-2023 / 08:50 GMT/BST
The issuer is solely responsible for the content of this announcement.

March 13, 2023

 

Joint Stock Company ‘Halyk Savings Bank of Kazakhstan’

Consolidated financial results 

for the year ended 31 December 2022

Joint Stock Company ‘Halyk Savings Bank of Kazakhstan’ and its subsidiaries (together “the Bank”) (LSE: HSBK) releases consolidated financial statements and independent auditors’ report for the year ended 31 December 2022.

 

Consolidated income statements

KZT mln

 

 

12M 2022

12M 2021

Y-o-Y,%

4Q 2022

4Q 2021

Y-o-Y,%

Interest income

1,247,644

879,865

41.8%

360,190

242,490

48.5%

Interest expense

(577,445)

(366,792)

57.4%

(171,203)

(111,126)

54.1%

Net interest income before  credit loss expense

670,199

513,073

30.6%

188,987

131,364

43.9%

Fee and commission income

180,066

138,389

30.1%

51,404

36,639

40.3%

Fee and commission expense

(96,274)

(71,789)

34.1%

(25,309)

(20,015)

26.5%

Net fee and commission income

83,792

66,600

25.8%

26,095

16,624

57.0%

Net insurance income (1)

21,812

43,863

(50.3%)

16,417

13,429

22.3%

Net foreign exchange gain

178,900

30,536

5.9x

48,639

7,541

6.4x

Net (loss)/gain from derivative operations and securities (2)

(4,908)

16,472

(0.3x)

(13,532)

5,665

(2.4x)

Share in profit of associate, income on non-banking activities, other (expense)/income and loss on disposal of subsidiaries

13,854

31,348

(55.8%)

(25,472)

18,057

(1.4x)

(Credit loss expense)/recovery of credit loss expense (3)

(106,778)

4,004

(26.7x)

(12,069)

9,477

(1.3x)

Recovery of other credit loss expense/(other credit loss expense)

78

(4,002)

(101.9%)

528

(369)

(1.4x)

Operating expenses (4)

(198,100)(5)

(177,279)(6)

11.7%

(51,950)(7)

(55,868)(8)

(7.0%)

Income tax expense

(105,097)

(62,237)

68.9%

(40,987)

(16,637)

2.5x

Net profit

553,752

462,378

19.8%

136,656

129,283

5.7%

Non-controlling interest

1

1

-

-

1

(100.0%)

Net profit attributable to common shareholders

553,751

462,377

19.8%

136,656

129,282

5.7%

 

 

 

 

 

 

 

Net interest margin, p.a.

5.6%

5.2%

 

6.0%

5.0%

 

Return on average equity, p.a.

31.7%

29.7%

 

29.1%

31.7%

 

Return on average assets, p.a.

4.1%

4.2%

 

3.8%

4.4%

 

Cost-to-income ratio

19.0%

24.1%

 

19.1%

27.9%

 

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

1.2%

0.2%

 

0.4%

0.2%

 

 

  1. Insurance underwriting income (gross insurance premiums written, net change in unearned insurance premiums, ceded reinsurance share) less insurance claims incurred and insurance agency commissions (insurance payments, insurance reserves expenses, commissions to agents);
  2. Net (loss)/gain on financial assets and liabilities at fair value through profit or loss and net realised (loss)/gain from financial assets at fair value through other comprehensive income;
  3. 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;
  4. Including loss from impairment of non-financial assets and reversal of impairment loss of property, plant and equipment:
  5. KZT 4.1bn;
  6. KZT -5.8bn;
  7. KZT 4.2bn;
  8. KZT -5.6bn.

 

 

The net profit attributable to common shareholders amounted to KZT 553.8bn in 12M 2022, up 19.8% compared with KZT 462.4bn in 12M 2021 mainly due to significant increase in lending business, including acquisition of Sber’s loan portfolio, as well as increase in net gain on foreign exchange operations and net fee and commission income.

 

The interest income for 12M 2022 increased by 41.8% vs. 12M 2021 mainly due to increase in average rate and balances of loans to customers. The interest expense for 12M 2022 increased by 57.4% vs. 12M 2021 mainly as a result of the growth in average rate and balances of amounts due to customers. Consequently, net interest income for 12M 2022 grew by 30.6% vs. 12M 2021. In 12M 2022, the net interest margin was affected by the increase in average rates on both loans to customers and amounts due to customers following the base rate hike from 10.25% to 16.75% in 12M 2022. Furthermore, the share of loans to customers in total interest-earning assets increased substantially. Moreover, there was an increase in the average rate and average balances of FX amounts due from credit institutions and FX interest-earning cash and cash equivalents following the global increase of USD interest rates. As a result, net interest margin increased to 5.6% p.a. for 12M 2022 compared to 5.2% p.a. for 12M 2021.

 

The cost of risk on loans to customers for 12M 2022 was at 1.2% reflecting more normalized credit loss expenses on corporate and SME loan portfolio and higher credit loss expenses on retail loan portfolio.

 

In 12M 2022, the overall dynamics of the fee and commission income and expense was driven by the increased transactional activity as a result of the clients inflow due to changes in the operating landscape. The net fee and commission income for 12M 2022 increased by 25.8% vs. 12M 2021 due to increase in net transactional income of both legal entities and individuals (9), as well as in fees on letters of credit and guarantees issued, which was mainly propped by the increase in overall volume of letters of credit and guarantees issued.

 

Net foreign exchange gain increased by 5.9x for 12M 2022 vs. 12M 2021 mainly due to the volatility of exchange rates and interest rates, which resulted in significant growth in net dealing income.

 

Other non-interest income (10) decreased by 81.3% for 12M 2022 vs. 12M 2021 mainly due to the loss and other related expenses on disposal of subsidiaries amid the sale of subsidiary banks in Tajikistan and Russia.

 

The net insurance income (11) for 12M 2022 decreased by 50.3% year-on-year, due to increase in insurance reserve expenses on unsecured consumer loans with a borrower’s life insurance bundle.

 

The operating expenses for 12M 2022 increased by 11.7% vs. 12M 2021 mainly due to the indexation of salaries and other employee benefits starting from March 1, 2022, the employee premiums reserve accrued in 12M 2022, as well as increase in charity expenses and IT investments.

 

The cost-to-income ratio decreased to 19.0% compared to 24.1% for 12M 2021 amid higher operating income for 12M 2022.

 

 

 

 

 

 

  1. Transactional income of individuals, less transactional expenses of individuals and less loyalty program bonuses;
  2. Other non-interest income (Net (loss)/gain on financial assets and liabilities at fair value through profit or loss, net realised (loss)/gain from financial assets at fair value through other comprehensive income, share in profit of associate, income on non-banking activities, other (expense)/income and loss on disposal of subsidiaries);
  3. 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

 

 

31-Dec-22

 

30- Sep-22

 

Change Q-o-Q, %

 

31-Dec-21

 

Change, abs

 

Change YTD, %

Total assets

14,311,372

 

14,207,912

 

 0.7%

 

12,091,370

 

2,220,002

 

 18.4%

Cash and reserves

2,288,375

 

2,884,594

 

(20.7%)

 

1,633,452

 

654,923

 

 40.1%

Amounts due from credit institutions

135,655

 

115,151

 

 17.8%

 

602,125

 

(466,470)

 

(77.5%)

T-bills & NBRK notes

1,920,189

 

1,922,323

 

(0.1%)

 

2,195,931

 

(275,742)

 

(12.6%)

Other securities & derivatives

1,550,337

 

1,201,019

 

 29.1%

 

1,247,257

 

303,080

 

 24.3%

Gross loan portfolio

8,280,290

 

7,945,531

 

 4.2%

 

6,250,260

 

2,030,030

 

 32.5%

Stock of provisions

(422,388)

 

(446,372)

 

(5.4%)

 

(378,032)

 

(44,356)

 

 11.7%

Net loan portfolio

7,857,902

 

7,499,159

 

 4.8%

 

5,872,228

 

1,985,674

 

 33.8%

Other assets

534,991

 

540,169

 

(1.0%)

 

494,965

 

40,026

 

 8.1%

Assets held for sale

23,923

 

45,497 

 

(47.4%)

 

45,412

 

(21,489)

 

(47.3%)

Total liabilities

12,400,138

 

12,309,651 

 

 0.7%

 

10,517,766

 

1,882,372

 

 17.9%

Total deposits, including:

10,487,615

 

10,386,965

 

 1.0%

 

8,473,407

 

2,014,208

 

 23.8%

retail deposits

5,219,331

 

4,889,910

 

 6.7%

 

4,415,103

 

804,228

 

 18.2%

   term deposits

4,327,413

 

4,075,160

 

 6.2%

 

3,674,572

 

652,841

 

 17.8%

   current accounts

891,918

 

814,750

 

 9.5%

 

740,531

 

151,387

 

 20.4%

corporate deposits

5,268,283

 

5,497,055

 

(4.2%)

 

4,058,304

 

1,209,979

 

 29.8%

   term deposits

2,898,923

 

3,036,054

 

(4.5%)

 

2,046,999

 

851,923

 

 41.6%

   current accounts

2,369,360

 

2,461,001

 

(3.7%)

 

2,011,305

 

358,055

 

 17.8%

Debt securities

462,817

 

474,322

 

(2.4%)

 

499,812

 

(36,995)

 

(7.4%)

Amounts due to credit institutions

878,665

 

801,201

 

 9.7%

 

1,071,642

 

(192,977)

 

(18.0%)

Other liabilities

571,041

 

647,163 

 

(11.8%)

 

472,905

 

98,136

 

 20.8%

Equity

1,911,234

 

1,898,261 

 

 0.7%

 

1,573,604

 

337,630

 

 21.5%

 

As at YE 2022, total assets were up 18.4% year-to-date. This was due to the growth in amounts due to customers to support the expansion of lending business.

  

Compared with the end of 2021, loans to customers were up 32.5% on a gross and 33.8% on a net basis. The increase in the gross loan portfolio was attributable to a rise of 35.1% in corporate, 23.8% in SME and 32.7% in retail loans. 

 

Stage 3 ratio decreased to 7.5% as at the end of 4Q 2022 mainly due to recovery and repayment of corporate problem indebtedness.

 

Compared with the end of 2021, the deposits of legal entities and individuals were up 29.8% and 18.2%, respectively, as a result of the clients inflow due to changes in the operating landscape. As at the-end of YE 2022, the share of KZT deposits in total corporate deposits was 60.6% compared to 52.9% as at the YE 2021, while the share in total retail deposits was 52.4% vs. 50.6% as at YE 2021.

 

As at YE 2022, the debt securities issued were down 7.4% year-to-date, following the timely redemption of the local unsubordinated bonds denominated in KZT with a coupon rate of 8.75% in the amount of KZT 93,632 million on 19 January 2022, the timely redemption of the bonds listed on AIX with a coupon rate of 3% in the amount of USD 100 million on 1 April 2022 and the timely redemption of the bonds listed on AIX with a coupon rate of 3% in the amount of USD 83 million on 19 April 2022. 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

 

 

 

 

Local bonds

KZT 100 bn

7.5% p.a.

November 2024

Local bonds

KZT 131.7 bn

7.5% p.a.

February 2025

Subordinated coupon bonds

KZT 101.1 bn

9.5% p.a.

October 2025

Local bonds listed at Astana International Exchange

USD 196 mln

2.5% p.a.

April 2025

 

 

In FY 2022 the total equity of the Bank increased by KZT 337.6bn or by 21.5% compared to the YE 2021, as a result of net profit earned by the Bank during 12M 2022.

 

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

 

 

31-Dec-22

30-Sep-22

30-Jun-22

31-Mar-22

31-Dec-21

Capital adequacy ratios, unconsolidated:

Halyk Bank

k1-1

18.5%

18.5%

18.1%

19.0%

19.6%

k1-2

18.5%

18.5%

18.1%

19.0%

19.6%

k2

18.9%

19.1%

18.8%

19.8%

20.4%

Capital adequacy ratios, consolidated:

CET 1

18.2%

17.8%

17.5%

18.7%

19.3%

Tier 1 capital

18.2%

17.8%

17.5%

18.7%

19.3%

Total capital

18.6%

18.3%

18.1%

19.4%

19.9%

 

* The minimum regulatory capital adequacy requirements are 9.5%, for k1, 10.5% for k1-2 and 12% for k2, including a conservation buffer of 3% and systemic buffer of 1% for each.

 

The consolidated financial statements and independent auditors’ report for the year ended 31 December 2022, including the notes attached thereto, are available on Halyk Bank’s website: .

 

A 12M & 4Q 2022 results webcast will be hosted at 1:00 p.m. London time/8:00 a.m. EST on Tuesday, 14 March 2023. A live webcast of the presentation can be accessed via Zoom link after the registration. The registration is open until 14 March 2023 (including), for the registration please

  

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 14,311.4bn as at December 31, 2022, Halyk Bank is Kazakhstan’s leading lender.

The Bank has the largest customer base and broadest branch network in Kazakhstan, with 572 branches and outlets across the country. The Bank operates in Georgia, Kyrgyzstan 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

 

Nurgul Mukhadi

 

7

 


Dissemination of a Regulatory Announcement, transmitted by EquityStory RS.
The issuer is solely responsible for the content of this announcement.
ISIN: US46627J3023
Category Code: MSCL
TIDM: HSBK
Sequence No.: 229406
News ID: 1580835

 
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13/03/2023

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ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
04/03/24 April 3, 2024 1 EN
Research Team
  • Research Team
CCC CCC SA
H4L1 Halyk Savings B... ... (+7)

WOOD Daily: BGEO LN, HSBK LI, ARABIAND AB, EME Macro/Strategy, RO Ener...

• Bank of Georgia: 4Q23 highlights and notes from the conference call • Halyk Bank: 4Q23 highlights • Arabian Drilling 4Q23 results and dividend announcement • EME Macro/Strategy: macro all-in-one (11-17 March) • Romanian Energy: Energy Ministry draft publication of changes to current regulations • Huuuge Games: USD 6m investment in a minority stake in Bananaz Studios, with a call option for a larger investment • Huuuge Games: earnings call takeaways - solid 2024E outlook, broadly in line with o...

CCC CCC SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
GEB BANK OF GEORGIA
PCF PCF GROUP SA
HUGE HUUUGE
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
03/18/24 March 18, 2024 1 EN
Research Team
  • Research Team
EUROB Eurobank Ergasi...
PEO BANK POLSKA KAS... ... (+115)

The Rear-View Mirror – EME markets: Greek stocks in the lead

EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.

EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
12/04/23 December 4, 2023 1 EN

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