H4L1 Halyk Savings Bank of Kazakhstan GDR

JSC Halyk Bank: Consolidated financial results for the year ended 31 December 2020

JSC Halyk Bank (HSBK)
JSC Halyk Bank: Consolidated financial results for the year ended 31 December 2020

12-March-2021 / 12:03 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

12 March 2021

 

Joint Stock Company 'Halyk Savings Bank of Kazakhstan'

Consolidated financial results

for the year ended 31 December 2020

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 2020.

 

Consolidated income statements

KZT mln

 

 

12M 2020

12M 2019

Y-o-Y,%

4Q 2020

4Q 2019

Y-o-Y,%

Interest income

733,234

710,304

3.2%

192,847

178,915

7.8%

Interest expense

(333,741)

(312,326)

6.9%

(94,373)

(73,304)

28.7%

Net interest income before  credit loss expense

399,493

397,978

0.4%

98,474

105,611

(6.8%)

Fee and commission income

131,399

123,256

6.6%

36,820

33,460

10.0%

Fee and commission expense

(63,184)

(54,646)

15.6%

(14,949)

(15,311)

(2.4%)

Net fee and commission income

68,215

68,610

(0.6%)

21,871

18,149

20.5%

Net insurance income(1)

22,482

4,058

5.5x

8,222

3,313

148.2%

FX operations(2)

40,940

45,379

(9.8%)

19,974

14,976

33.4%

Gain/(loss) from derivative operations and securities (3)

6,625

(10,596)

(162.5%)

(1,574)

(3,718)

(57.7%)

Other income, share in profit of associate, and income from non-banking activities

41,957

41,785

0.4%

11,976

15,441

(22.4%)

Credit loss expense (4)

(26,918)

(30,054)

(10.4%)

8,984

(8,914)

(1.0x)

Other credit loss expense

(5,025)

(1,308)

3.8x

(1,920)

(621)

3.1x

Operating expenses

(158,237) (5)

(145,367) (6)

8.9%

(45,645) (7)

(50,892) (6)

(10.3%)

Income tax expense

(36,878)

(35,974)

2.5%

(12,355)

(10,222)

20.9%

Non-controlling interest

1

-

-

-

-

-

 

 

 

 

 

 

 

Net profit attributable to common shareholders

352,653

334,511

5.4%

108,007

83,123

29.9%

 

 

 

 

 

 

 

Net interest margin, p.a.

4.7%

5.3%

 

4.4%

5.4%

 

Return on average equity, p.a.

25.5%

28.8%

 

30.4%

26.3%

 

Return on average assets, p.a.

3.6%

3.7%

 

4.3%

3.6%

 

Cost-to-income ratio

26.8%

25.4%

 

28.9%

33.0%

 

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

0.4%

0.7%

 

(1.0%)

1.1%

 

 

 

 

 

  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 foreign exchange gain/(loss);
  3. Net gain/(loss) 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, debt securities at amortised cost, net of allowance, cash and cash equivalents and other assets;
  5. Including loss from impairment of non-financial assets of KZT 5.1 bn;
  6. Including loss from impairment of non-financial assets of KZT 7.4 bn;
  7. Including loss from impairment of non-financial assets of KZT 0.9 bn;

 

 

 

 

Net profit attributable to common shareholders increased by 5.4% to KZT 352.7bn for 12M 2020 compared to KZT 334.5n for 12M 2019 mainly due to increase in net insurance income and gain from derivative operations and securities.

 

Increase in interest income on loans to customers was partially offset by the decrease in interest income on securities due to transfers in placement from high-yielding NBRK notes into low-yielding FX deposit with NBRK following the repayment of SWAP agreement with NBRK for the amount of USD 912 mln. As a result, interest income increased by 3.2% to KZT 733.2bn for 12M 2020 compared to KZT 710.3bn for                               12M 2019. Interest expense for 12M 2020 increased by 6.9% to KZT 333.7bn vs. KZT 312.3bn for                           12M 2019 mainly due to the increase of average balance and share of KZT deposits in the amounts due to customers. Net interest margin decreased to 4.7% p.a. for 12M 2020 compared to 5.3% p.a. for        12M 2019 mainly due to transfers in placement from high-yielding NBRK notes into low-yielding FX deposit with NBRK following the repayment of SWAP agreement.

 

Cost of risk for 12M 2020 decreased to 0.4% compared to 0.7% for 12M 2019 and decreased to (1.0%) in 4Q 2020 compared to 0.2% in 3Q 2020 mainly due to repayments of large ticket corporate loans.

 

Fee and commission income for 12M 2020 increased by 6.6% vs. 12M 2019 as a result of growing volumes of transactional banking, mainly in plastic card operations, as well as bank transfers - settlements.

 

The increase in fee and commission expense by 15.6% Y-o-Y was mainly due to increased number of transactions of other banks' cards in the acquiring network of the Bank, partially offset by the decrease in deposit insurance fees payable to the Kazakhstan Deposit Insurance Fund due to lower rates for the Bank on the back of increase of capital adequacy ratios.

 

Other non-interest income (8) increased by 16.9% to KZT 89.5bn for 12M 2020 vs. KZT 76.6bn for                            12M 2019 mainly due to net gain from derivative operations and securities following the repayment of SWAP agreement with NBRK for the amount of USD 912.

 

Net insurance income (9) for 12M 2020 significantly increased vs. 12M 2019 as a result of new unsecured lending program with a borrower's life insurance bundle.

 

Operating expenses for 12M 2020 increased by 8.9% vs. 12M 2019 mainly due to the increase in salaries and other employee benefits as a result of the increase in sales based payments in retail business in 2020 and due to the loyalty program bonuses payable to the customers, which are included in operating expenses related to the advertisement and loyalty program starting from 4Q 2019.

 

The Bank's cost-to-income ratio increased to 26.8% compared to 25.4% for 12M 2019 due to higher operating expenses for 12M 2020.

 

 

 

 

 

 

 

 

 

  1. Other non-interest income (net foreign exchange gain/(loss) , net gain/(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, income on non-banking activities 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

 

 

31-Dec-20

 

30-Sep-20

 

Change Q-o-Q, %

 

31-Dec-19

 

Change, abs

 

Change YTD, %

Total assets

10,387,832

 

9,999,141

 

3.9%

 

9,234,758

 

1,153,074

 

12.5%

Cash and reserves

1,927,605

 

2,372,908

 

(18.8%)

 

1,805,343

 

122,262

 

6.8%

Amounts due from credit institutions

709,310

 

211,883

 

3.3x

 

53,161

 

656,149

 

13.3x

T-bills & NBRK notes

1,865,684

 

1,815,799

 

2.7%

 

1,954,066

 

(88,382)

 

(4.5%)

Other securities & derivatives

862,339

 

814,472

 

5.9%

 

1,074,867

 

(212,528)

 

(19.8%)

Gross loan portfolio

4,824,316

 

4,656,733

 

3.6%

 

4,161,163

 

663,153

 

15.9%

Stock of provisions

(378,041)

 

(450,712)

 

(16.1%)

 

(408,718)

 

30,677

 

(7.5%)

Net loan portfolio

4,446,275

 

4,206,021

 

5.7%

 

3,752,445

 

693,830

 

18.5%

Assets held for sale

42,244

 

44,102

 

(4.2%)

 

45,766

 

(3,522)

 

(7.7%)

Other assets

534,375 

 

533,956 

 

0.1%

 

549,110 

 

(14,735)

 

(2.7%)

Total liabilities

8,894,564 

 

8,631,327 

 

3.0%

 

7,927,535 

 

967,029 

 

12.2%

Total deposits, including:

7,455,977

 

7,094,061

 

5.1%

 

6,406,413

 

1,049,564

 

16.4%

retail deposits

3,698,368

 

3,549,742

 

4.2%

 

3,251,216

 

447,152

 

13.8%

   term deposits

3,073,187

 

2,973,310

 

3.4%

 

2,743,019

 

330,168

 

12.0%

   current accounts

625,181

 

576,432

 

8.5%

 

508,197

 

116,984

 

23.0%

corporate deposits

3,757,609

 

3,544,319

 

6.0%

 

3,155,197

 

602,412

 

19.1%

   term deposits

1,825,513

 

1,728,607

 

5.6%

 

1,441,930

 

383,583

 

26.6%

   current accounts

1,932,096

 

1,815,712

 

6.4%

 

1,713,267

 

218,829

 

12.8%

Debt securities

778,192

 

904,229

 

(13.9%)

 

834,446

 

(56,254)

 

(6.7%)

Amounts due to credit institutions

300,727

 

266,993

 

12.6%

 

305,965

 

(5,238)

 

(1.7%)

Other liabilities

359,668 

 

366,044 

 

(1.7%)

 

380,711 

 

(21,043)

 

(5.5%)

Equity

1,493,268 

 

1,367,814 

 

9.2%

 

1,307,223 

 

186,045 

 

14.2%
                         

 

As at YE 2020, total assets increased by 12.5% vs. YE 2019 due to growth in deposits and total equity.

 

As at YE 2020, amounts due from credit institutions increased by 13.3 times vs. YE 2019 due to placement of funds following the repayment of SWAP agreement with NBRK for the amount of USD 912 mln.

 

Compared with YE 2019, loans to customers increased by 15.9% on a gross basis and 18.5% on a net basis. Increase of gross loan portfolio was attributable to increase in corporate loans (10.1% on a gross basis), increase in SME and retail loans by 24.1% and 24.4% on a gross basis, respectively.

 

As at YE 2020, Stage 3 ratio decreased to 12.3% from 14.8% as at the end of 3Q 2020 mainly due to write-off, repayment and restructuring of problem indebtedness.

 

Deposits of legal entities and individuals increased by 19.1% and 13.8%, 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 12M 2020. As at the YE 2020, the share of corporate KZT deposits in total corporate deposits was 59.9% compared to 55.5% as at the end of 3Q 2020, whereas the share of retail KZT deposits in total retail deposits was 45.9% compared to 43.5% as at the end of 3Q 2020.

 

Debt securities issued decreased by 6.7% compared to YE 2019 as a result of a partial prepayment of Eurobond issue on 31 December 2020, partially offset by KZT depreciation in 12M 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

 

 

 

 

Local bonds

KZT 100 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 180 mln

3.0% p.a.

April 2022

 

 

As at the YE 2020, total equity increased by 14.2% compared with YE 2019 as a result of net profit earned by the Bank during 12M 2020.

 

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

 

 

31-Dec-20

30-Sep-20

30-Jun-20

31-Mar-20

31-Dec-19

 

 

 

 

 

 

Capital adequacy ratios, unconsolidated:

Halyk Bank

k1

23.7%

22.4%

25.9%

22.5%

21.3%

k1-2

23.7%

22.4%

25.9%

22.5%

21.3%

k2

25.1%

24.4%

27.9%

24.4%

23.1%

 

 

 

 

 

 

Capital adequacy ratios, consolidated:

CET 1

24.4%

22.8%

25.2%

20.6%

20.6%

Tier 1 capital

24.4%

22.8%

25.2%

20.6%

20.6%

Total capital

25.5%

24.3%

26.7%

21.9%

21.9%

 

* minimum capital regulatory adequacy requirements: k1 ­- 8.5%, k1-2 - 9.5% and k2 - 11%, including conservation buffer of 2% and systemic buffer of 1% for each of these ratios.

 

 

The consolidated financial statements and independent auditors' report for the year ended 31 December 2020, including the notes attached thereto, are available on Halyk Bank's website:

 

A 12M & 4Q 2020 results webcast will be hosted at 1:00 p.m. London time/8:00 a.m. EST on Monday, 15 March 2021. A live webcast of the presentation can be accessed via Zoom link after the registration. The registration is open until 15 March, 2021 (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 10,387.8 as at 31 December 2020, Halyk Bank is Kazakhstan's leading lender. The Bank has the largest customer base and broadest branch network in Kazakhstan, with 611 branches and outlets across the country. The Bank also 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

 

Nurgul Mukhadi

 

7

 
ISIN: US46627J3023
Category Code: MSCL
TIDM: HSBK
Sequence No.: 95434
EQS News ID: 1175250

 
End of Announcement EQS News Service

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HEADLINES: • Graphisoft Park: industry-leading FFO ROE, despite low LTV (stays BUY) • Elbit Systems: 3Q25 results – strong margin recovery, solid FCF generation POSITIVE • Wirtualna Polska: 3Q25 results review – adjusted EBITDA up 57% yoy, 3% above the consensus; strong 4Q25E outlook in Travel e-commerce POSITIVE • Public Power Corporation: 3Q25 beat, but FY25E guidance unchanged NEUTRAL • Enea: full 3Q25 results in line with the preliminaries NEUTRAL • Patria Bank: solid bottom-line delivery in...

ENA ENEA S.A.
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
GSPARK GRAPHISOFT PARK SE
WPL WIRTUALNA POLSKA HOLDING SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
19XX NEPI ROCKCASTLE PLC
ESLT ELBIT SYSTEMS LTD
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
11/19/25 November 19, 2025 1 EN
Research Team
  • Research Team
HTO Hellenic Teleco...
MTELEKOM Magyar Telekom ... ... (+15)

WOOD Daily: AEGN GA; ELM AB; EAT PW; CAR PW; HSBK LI; ELPE GA; SNG RO;...

HEADLINES: • Aegean Airlines: summer performance ahead of our estimates (upgraded to BUY) • Elm: clarity is on its way (stays BUY) • AmRest: 3Q25 below expectations NEGATIVE • Inter Cars: 3Q25 EBITDA above our expectations and the market by 3-6% NEUTRAL • Halyk Bank: 3Q25 highlights before the call - good quarter with an 8% beat to our estimate, 2026E guidance POSITIVE • HELLENiQ Energy: 3Q25 results beat, on record-high refining output POSITIVE • Romgaz: 3Q25 results - net income beat our expec...

HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AEGN AEGEAN AIRLINES SA
CAR INTER CARS S.A.
DAT DATAWALK SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ELPE HELLENIQ ENERGY
ACAG AUSTRIACARD HOLDINGS AG
7203 ELM CO
11/14/25 November 14, 2025 1 EN

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