Kazakhstan · Delayed Price · Currency is KZT Halyk Bank of Kazakhstan Joint Stock Company Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong digital engagement and loan growth, but net income fell 14.6% year-on-year due to regulatory tightening and higher reserve requirements. Asset quality and capital ratios remain robust, and guidance for 2026 is unchanged.
Fiscal Year 2025
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Delivered 14.9% net income growth in 2025, with strong digital momentum and robust asset quality. 2026 guidance was revised downward due to higher rates and regulatory tightening, but profitability and capital remain strong.
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Strong digital and financial growth in 2025, with net income driven by higher interest and fee income despite increased taxes and reserve requirements. Updated guidance targets over KZT 1 trillion net income for 2025 and KZT 1.1 trillion for 2026, factoring in regulatory changes.
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Digital platforms drove strong user and transaction growth, with net interest income up 27.2% and NIM at 7.2%. Strategic expansion into Uzbekistan and robust capital position support a 60% dividend payout, while regulatory changes and higher reserve requirements pose headwinds.
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Net income rose 30.1% year-on-year in Q1 2025, with strong digital growth and improved margins. Regulatory changes, including a temporary excess profit tax and higher reserve requirements, are pending and may impact future results, but guidance remains unchanged for now.
Fiscal Year 2024
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Record net income and robust growth in loans, deposits, and digital engagement marked 2024, with strong profitability and capital metrics. 2025 guidance anticipates continued double-digit loan growth, stable margins, and resilient asset quality despite inflation and regulatory changes.
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Net income surged 53.7% year-on-year in Q3, with strong digital growth in retail and SME segments. Asset quality improved, cost-to-income ratio declined, and dividend policy remains stable, with an additional 15% payout proposed for 2023.
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Strong digital and retail growth drove higher net income and robust loan portfolio expansion, despite one-off costs and increased provisioning. Guidance for 2024 was fine-tuned, with net income expected around KZT 800 billion and continued focus on digitalization and capital strength.