Halyk Bank of Kazakhstan JSC (STU:H4L1)
€ 22 +1 (+4.76%) Market Cap: 5.78 Bil Enterprise Value: 2.18 Bil PE Ratio: 3.55 PB Ratio: 1.10 GF Score: 80/100
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Q1 2025 Halyk Bank AO Earnings Call Transcript

May 20, 2025 / 01:00 PM GMT
Release Date Price: €21 (-4.55%)

Key Points

Positve
  • Halyk Bank of Kazakhstan JSC (STU:H4L1) reported a 30% year-on-year increase in net interest income for Q1 2025.
  • The bank's digital ecosystem, particularly the Helix Superra app, saw significant growth with a 30% increase in transaction volume and 7.7 million monthly active users.
  • Halyk Bank holds a strong market position with a 28.8% market share in deposits and a 20% market share in retail loans in Kazakhstan.
  • The B2B segment showed robust performance with a 22.4% growth in the corporate loan book and a 29% increase in the number of payments processed.
  • The bank's net interest margin improved to 7.5% in Q1 2025, up from 7% in Q1 2024, indicating efficient interest income management.
Negative
  • There was a slight increase in non-performing loans (NPLs), which rose from 6.3% to 6.8% due to a moratorium on selling problem retail loans to collection agencies.
  • The bank faces potential impacts from a new tax code, including a proposed 10% tax on excess profits, which could affect future earnings.
  • Operating expenses increased by 22.2% year-on-year, driven by salary indexation and employee benefits, impacting the cost-to-income ratio.
  • Retail loan growth was slower in Q1 2025 compared to previous years, partly due to economic challenges and inflationary pressures.
  • The bank's ability to manage retail NPLs is constrained by regulatory restrictions, potentially affecting the NPL ratio and cost of risk.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HSBK.KZ - Halyk Bank AO
Q1 2025 Halyk Bank AO Earnings Call
May 20, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day, ladies and gentlemen.

Thank you for joining us on this conference call to review Halig Bank's financial results for the first quarter of 2025. My name is Miranak, and I'm head of FI and IR. We have our executive team joining us on the call today, including Ms. Mumita, the Chief Executive Officer, Mr. Dorian Sartta, first deputy CEO of B2B Banking, marketing and PR and acquiring. Mr. Murat Kohenov, C. Foreign deputyCO for finance subsidiaries, compliance and international activities. Mr. Rahman Machik, Deputy CEO for Risk Management, Data Science and Collateral, Ms. Olga Vorres, deputy CEO for corporate banking, Mr. Nariman Mukhoev, deputy CO for B2C Banking, digital and digital government services, and Mr. Andresaarian deputy CEO
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