Financial Results and Presentations

Halyk Bank today announced the launch of a fully marketed offering and bookbuilding process for international and domestic investors for at least 12m global depository receipts (GDRs), representing c 4% of Halyk’s outstanding common shares. The GDRs are offered for sale by Halyk’s majority shareholder (ALMEX Holding Group), which currently holds a 69.5% stake (the remaining 30.5% is considered free float). Therefore, Halyk will not issue any new shares nor raise fresh capital in the process. The announcement follows an earlier declaration by ALMEX that, following feedback received from the investment community, it is evaluating ways to improve the liquidity of Halyk’s shares and GDRs, including a potential partial sale of its stake. The offering should also help diversify Halyk’s shareholder base. ALMEX will retain a majority stake in Halyk and remain fully committed to the bank’s long-term success.

Halyk Bank delivered a strong 26.1% y-o-y increase in net profit to KZT253.6bn in Q225, leading to a healthy annualised return on equity (ROE) of 32.2% (up from 31.7% in Q224). Loan book growth moderated in H125, with gross loans to individuals and legal entities increasing by 4.3% and 1.4% versus end-2024, respectively. Management still guides to a solid FY25 net loan portfolio growth of 15–20%, slightly down from 17–22% guided previously, as retail loan growth expectations have been slightly reduced to 15–20%, from 20–25% previously. Halyk’s operating expenses rose by 30.7% y-o-y in Q225, mostly due to an increase in salaries and employee benefits (with a contribution from the recently launched long-term incentive programme) and the expansion of Halyk’s IT headcount to drive its digitalisation agenda. Its cost-to-income ratio (CIR) came in at a low 17.8% in Q225, with management expecting 17–19% in FY25. Halyk’s robust capital ratios of over 18% at end-June 2025 encouraged management to recommend a second dividend from FY24 net income of KZT21.0 per share, which, together with the first payment, represents a 60% payout ratio and at the current share price implies a healthy 14% yield.