Kazakhstan’s Halyk Bank Raises 2016 Profit Guidance

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Aug 22 Halyk Bank , Kazakhstan’s second-biggest lender by assets, raised its 2016 net income guidance on Monday to more than 100 billion tenge ($295 million) from 60 billion-80 billion tenge, according to a presentation on its website.

In 2015, Halyk posted a profit of 120.3 billion tenge. It said last Friday it had made 57.1 billion tenge in the first half of 2016, almost meeting the previous, conservative full-year guidance figure.

The bank published its previous guidance in March, when oil , Kazakhstan’s main export, traded about 20 percent below current prices.

The sharp fall in energy prices forced Kazakhstan to abandon its dollar peg a year ago, letting the tenge lose nearly half of its value against the dollar.

But as the tenge and the local money market stabilised in the second quarter, Halyk management said in April it was becoming more optimistic.

($1 = 338.82 tenge)