Financial Results and Presentations

  • 18%

    5-year net incomeCAGR

  • 6.2%

    5-year averageNIM

  • 32.2%

    5-year averageRoAE

  • 19.5%

    5-year average Cost-to-Income
Macroeconomic and financial sector research
Macroeconomic and financial sector research
Macroeconomic and financial sector research

Halyk Bank

Company Research

Bull, Bear & Beyond – Halyk Bank: executive interview

In this interview, Murat Koshenov, CFO and deputy CEO of Halyk Bank, discusses the role of Kazakhstan as the largest economy in Central Asia and a gateway between China, Europe and the Middle East. He provides background on Halyk Bank’s role in supporting the growth of the local economy, explains how Halyk Bank is navigating the high-inflation, high-interest rate environment in Kazakhstan and elaborates on the potential impact of the war in the Middle East on the local economy. Moreover, he highlights the key developments across Halyk’s digital ecosystem. The interview also covers Halyk’s dividend policy.

Listen on your preferred podcast player below:

About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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Halyk Bank – executive interview

In this interview, Murat Koshenov, CFO and deputy CEO of Halyk Bank, discusses the role of Kazakhstan as the largest economy in Central Asia and a gateway between China, Europe and the Middle East. He provides background on Halyk Bank’s role in supporting the growth of the local economy, explains how Halyk Bank is navigating the high-inflation, high-interest rate environment in Kazakhstan and elaborates on the potential impact of the war in the Middle East on the local economy. Moreover, he highlights the key developments across Halyk’s digital ecosystem. The interview also covers Halyk’s dividend policy.

...read more

Halyk Bank — Top player in an important frontier market

Halyk Bank offers a combination of an ROE in excess of 30%, a leading market position (close to 30% of total assets of Kazakhstan’s commercial banking sector), solid cost discipline (cost-to-income ratio below 20%), continued focus on expanding its digital ecosystem (with encouraging growth in user engagement lately) and a sound capital base. The company, therefore, represents a quality exposure to the largest economy in Central Asia, whose real GDP has been growing at a 4%+ rate for the better part of the last decade and is geared towards the oil price. Investors’ appreciation of Halyk Bank’s value proposition is illustrated by the successful sale of a 7.6% stake by Halyk’s majority shareholder (Almex Holding Group) in November 2025 (upsized from 4% initially offered) to domestic and international investors to improve the liquidity of Halyk’s shares and broaden the shareholder register. Almex retained a majority stake and remains fully supportive of the bank’s long-term success.

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