Kazakhstan’s Halyk Bank Q1 profit doubles

May 19. Reuters. ALMATY

* Halyk’s Q1 net profit doubles to $208 mln
* Net interest 36.5 pct up, impairment charges down 77.6 pct
* Total assets increased by 16.5 percent

Kazakhstan's Halyk Bank Q1 profit doublesHalyk Bank , Kazakhstan’s second-largest lender by assets, said its first-quarter net profit almost doubled, lifted by a rise in net interest income and a fall in impairment charges for bad loans.

Halyk, the most profitable of the Central Asian nation’s 38 banks, said its net income rose by 96.8 percent to 37.9 billion tenge ($208.2 million) in the January-March period compared to the same period a year earlier.

Companies repaying their debts helped lead to a reduction in impairment charges of 77.6 percent.

Halyk’s total assets increased by 16.5 percent, while its net loans to customers grew 2.8 percent in the same period, it said.

In February Halyk bought the Kazakh subsidiary of HSBC for $176 million in cash and expects to complete the transaction this year. Halyk says it will run SB HSBC Bank Kazakhstan JSC as a separate legal entity in the near term.

Halyk’s largest single shareholder is Almex, a holding company owned by President Nursultan Nazarbayev’s middle daughter, Dinara, and her entrepreneur husband Timur Kulibayev.

$1 = 182.01 tenge

http://www.reuters.com/article/2014/05/19/halykbank-results-idUSL6N0O518E20140519

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