Halyk Bank of Kazakhstan has reported year on year growth in net income for both the third quarter and the first nine months of the year.
During 3Q23, net income skyrocketed to KZT172,134mn ($371.4mn), rising from KZT125,015mn reported in 3Q22, the bank said.
Over 9M23, net income jumped to KZT537,292mn, compared to KZT410,851mn in 9M22, Halyk noted.
In remarks released with the financials, Halyk, Kazakhstan's largest financial group, said: "In 3Q 2023, net interest margin was affected by the increase in average rates on both loans to customers and amounts due to customers following the significant increase in interest rates.
"Furthermore, the share of loans to customers in total interest-earning assets increased substantially. Moreover, there was an increase in the average rate of FX amounts due from credit institutions and FX interest-earning cash and cash equivalents following the global increase of USD interest rates. As a result, net interest margin increased to 6.8% p.a. for 3Q 2023 compared to 5.8% p.a. for 3Q 2022. The cost of risk on loans to customers for 3Q 2023 increased to 1.6% compared to 1.4% in 3Q 2022 due to recognition of additional provisions on some corporate loans."
It added: "In 3Q 2023 compared to 3Q 2022, the overall dynamics of fee and commission income and expense was driven by the increased clients’ transactional activity. Net fee and commission income for 3Q 2023 increased by 24.7% vs. 3Q 2022 due to increase in net transactional income of legal entities and individuals."
Kazakhstan and Uzbekistan’s combined IT exports surpassed $800mn in 2023. The Kazakh IT sector's export revenue jumped from $50mn in 2020 to over $500mn last year. Astana Hub was a major ... more
Engineers have commenced the $6.3mn and three-month reconstruction of the 75-kilometre (47-mile) cross-border railway line that links Uzbekistan and Afghanistan, ... more
The Qatar Stock Exchange said in a statement that Qatar’s Lesha Bank has initiated discussions with the Kazakh national management holding Baiterek regarding the ... more