Halyk Savings Bank

Halyk Bank's net profit rose 272% yoy to KZT 89.7 bil in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank made a net profit of KZT 89.7 bil under revenues of KZT 149 bil in the second quarter of 2019, up 272% and ...

Halyk Bank's npls (as % of loans) fell 29.8% yoy to 8.29% in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank's non-performing loans reached 8.29% of total loans at the end of 2019-06-30, down from 11.8% compared to the ...

Halyk Bank's market capitalisation (end of period) rose 6.94% to USD 21,612 mil in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD ...

Profit Statement 2016 2017 2018
Net Interest Income KZT bil 172 249 348
Net Fee Income KZT bil 46.4 60.9 74.2
Other Income KZT bil 18.2 51.2 76.7
Total Revenues KZT bil 237 361 499
Staff Cost KZT bil 38.6 51.1 77.6
Operating Profit KZT bil 170 255 362
Provisions KZT bil 25.3 67.3 32.0
Net Profit KZT bil 131 173 253
Balance Sheet 2016 2017 2018
Interbank Loans KZT bil 35.5 87.7 55.0
Customer Loans KZT bil 2,320 3,251 3,481
Debt Securities KZT bil 882 2,713 2,973
Total Assets KZT bil 5,348 8,858 8,959
Shareholders' Equity KZT bil 666 934 1,066
Interbank Borrowing KZT bil 162 255 168
Customer Deposits KZT bil 3,821 6,132 6,527
Issued Debt Securities KZT bil 585 962 901
Ratios 2016 2017 2018
ROE % 22.0 21.7 25.3
ROA % 2.68 2.44 2.84
Costs (As % Of Assets) % 1.35 1.49 1.54
Costs (As % Of Income) % 28.0 29.3 27.5
Capital Adequacy Ratio % 19.4 18.9 19.9
Net Interest Margin % 3.51 3.50 3.91
Loans (As % Of Deposits) % 60.7 53.0 53.3
NPLs (As % Of Loans) % 16.3 18.1 17.3
Provisions (As % Of NPLs) % 66.9 49.1 61.0
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 1,655 2,884 3,424
Share Price (End Of Period) RUB 50.3 87.0 102
Price/Earnings (P/E) 4.20 5.51 4.48
Price/Book Value (P/BV) 0.829 1.02 1.07
Earnings Per Share (EPS) KZT 12.0 15.8 22.7
Book Value Per Share KZT 60.7 85.0 95.4

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Net Interest Income KZT bil       91.1 107 133 150 172    
Total Revenues KZT bil       155 170 208 236 237    
Operating Profit KZT bil       103 115 145 165 170    
Net Profit KZT bil       69.5 72.1 114 120 131    
balance sheet                    
Interbank Loans KZT bil       32.8 25.8 27.1 1,331 35.5    
Customer Loans KZT bil       1,319 1,482 1,648 2,176 2,320    
Debt Securities KZT bil       362 368 397 407 882    
Total Assets KZT bil       2,408 2,506 2,810 4,455 5,348    
Shareholders' Equity KZT bil       340 392 475 530 666    
Interbank Borrowing KZT bil       15.2 107 107 168 162    
Customer Deposits KZT bil       1,699 1,767 1,848 3,044 3,821    
Issued Debt Securities KZT bil       302 190 311 598 585    
ratios                    
ROE %       21.4 19.7 26.4 23.9 22.0    
ROA %       2.97 2.94 4.30 3.31 2.68    
Costs (As % Of Assets) %       2.21 2.23 2.35 1.95 1.35    
Costs (As % Of Income) %       33.4 32.3 30.0 30.0 28.0    
Capital Adequacy Ratio %       18.3 18.5 21.0 18.2 19.4    
Net Interest Margin %       3.89 4.34 5.01 4.14 3.51    
Interest Income (As % Of Revenues) %       58.8 62.9 64.1 63.8 72.7    
Fee Income (As % Of Revenues) %       29.1 26.1 24.1 18.0 19.6    
Staff Cost (As % Of Total Cost) %       56.4 56.4 57.3 57.7 58.1    
Equity (As % Of Assets) %       14.1 15.6 16.9 11.9 12.4    
Loans (As % Of Deposits) %       77.6 83.9 89.2 71.5 60.7    
Loans (As % Assets) %       54.8 59.1 58.7 48.8 43.4    
NPLs (As % Of Loans) %       25.2 26.5 34.7 19.0 16.3    
Provisions (As % Of NPLs) %       74.0 67.6 42.6 64.8 66.9    
valuation                    
Market Capitalisation (End Of Period) USD mil ... ...   2,116 2,770 2,411 1,291 1,655    
Number Of Shares (Average) mil       10,977 10,986 10,990 10,962 10,960    
Share Price (End Of Period) RUB ... ...   29.0 38.9 40.0 40.1 50.3    
Earnings Per Share (EPS) KZT       6.33 6.57 10.4 11.0 12.0    
Book Value Per Share KZT       30.9 35.7 43.2 48.3 60.7    
Price/Earnings (P/E) ... ...   4.58 5.92 3.84 3.65 4.20    
Price/Book Value (P/BV) ... ...   0.937 1.09 0.925 0.829 0.829    
Earnings Per Share Growth % ...     39.9 3.68 58.5 5.46 9.24    
Book Value Per Share Growth % ...     -13.2 15.4 21.1 11.8 25.6    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Interest Income KZT bil       161 183 211 255 333    
Interest Cost KZT bil       69.9 75.9 77.5 105 161    
Net Interest Income KZT bil       91.1 107 133 150 172    
Net Fee Income KZT bil       45.1 44.3 50.1 42.5 46.4    
Other Income KZT bil       18.8 18.7 24.5 42.9 18.2    
Total Revenues KZT bil       155 170 208 236 237    
Staff Cost KZT bil       29.2 30.9 35.8 40.9 38.6    
Depreciation KZT bil       7.04 5.75 5.02 6.32 6.17    
Other Cost KZT bil       15.5 18.2 21.6 23.6 21.6    
Operating Cost KZT bil       51.8 54.8 62.4 70.8 66.3    
Operating Profit KZT bil       103 115 145 165 170    
Provisions KZT bil       15.4 26.0 7.46 12.1 25.3    
Extra and Other Cost KZT bil       3.06 -0.210 -4.01 0.359 2.26    
Pre-Tax Profit KZT bil       84.7 88.9 142 152 143    
Tax KZT bil       14.8 16.5 27.5 32.1 22.2    
Minorities KZT bil       0.444 0.272 0 0 0    
Net Profit KZT bil       69.5 72.1 114 120 131    
growth rates                    
Net Interest Income Growth % ...     4.34 17.1 24.9 12.9 14.4    
Net Fee Income Growth % ...     26.8 -1.83 13.1 -15.2 9.26    
Total Revenue Growth % ...     11.8 9.42 22.5 13.4 0.403    
Operating Cost Growth % ...     11.7 5.81 13.8 13.5 -6.30    
Operating Profit Growth % ...     11.9 11.2 26.7 13.4 3.28    
Pre-Tax Profit Growth % ...     76.4 4.96 59.6 7.37 -6.35    
Net Profit Growth % ...     76.5 3.77 58.6 5.19 9.23    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                    
Cash KZT bil       583 531 589 187 1,851    
Interbank Loans KZT bil       32.8 25.8 27.1 1,331 35.5    
Customer Loans KZT bil       1,319 1,482 1,648 2,176 2,320    
Retail Loans KZT bil       330 399 491 605 621    
Mortgage Loans KZT bil       110 107 139 197 188    
Consumer Loans KZT bil       220 291 352 408 433    
Corporate Loans KZT bil       1,292 1,407 1,443 1,876 1,983    
Debt Securities KZT bil       362 368 397 407 882    
Fixed Assets KZT bil       73.7 72.3 93.2 96.1 109    
Total Assets KZT bil       2,408 2,506 2,810 4,455 5,348    
Shareholders' Equity KZT bil       340 392 475 530 666    
Of Which Minority Interest KZT bil       1.64 0.933 0 0 0    
Liabilities KZT bil       2,068 2,114 2,335 3,925 4,683    
Interbank Borrowing KZT bil       15.2 107 107 168 162    
Customer Deposits KZT bil       1,699 1,767 1,848 3,044 3,821    
Retail Deposits KZT bil       694 810 938 1,473 1,715    
Corporate Deposits KZT bil       1,005 956 910 1,570 2,105    
Sight Deposits KZT bil       754 565 702 898 1,083    
Term Deposits KZT bil       945 1,202 1,146 2,145 2,738    
Issued Debt Securities KZT bil       302 190 311 598 585    
Other Liabilities KZT bil       52.1 50.7 68.1 115 115    
asset quality                    
Non-Performing Loans KZT bil       409 478 671 471 426    
Gross Loans KZT bil       1,622 1,806 1,934 2,481 2,604    
Total Provisions KZT bil       303 323 286 305 285    
growth rates                    
Customer Loan Growth % ...     11.4 12.4 11.2 32.0 6.60    
Retail Loan Growth % ...     14.6 20.8 23.1 23.3 2.64    
Mortgage Loan Growth % ...     -7.60 -2.80 29.5 42.2 -4.76    
Consumer Loan Growth % ...     30.2 32.6 20.8 15.9 6.22    
Corporate Loan Growth % ...     8.81 8.89 2.58 30.0 5.71    
Total Asset Growth % ...     5.90 4.09 12.1 58.6 20.1    
Shareholders' Equity Growth % ...     9.45 15.5 21.2 11.5 25.6    
Customer Deposit Growth % ...     9.10 3.97 4.62 64.7 25.5    
Retail Deposit Growth % ...     22.6 16.7 15.8 57.0 16.4    
Corporate Deposit Growth % ...     1.38 -4.85 -4.83 72.6 34.1    
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                    
ROE %       21.4 19.7 26.4 23.9 22.0    
ROA %       2.97 2.94 4.30 3.31 2.68    
Costs (As % Of Assets) %       2.21 2.23 2.35 1.95 1.35    
Costs (As % Of Income) %       33.4 32.3 30.0 30.0 28.0    
Capital Adequacy Ratio %       18.3 18.5 21.0 18.2 19.4    
Tier 1 Ratio %       16.2 17.2 20.4 18.0 19.4    
Net Interest Margin %       3.89 4.34 5.01 4.14 3.51    
Interest Spread % ...     3.41 3.80 4.44 3.68 3.05    
Asset Yield %       6.88 7.43 7.92 7.02 6.78    
Cost Of Liabilities % ...     3.47 3.63 3.48 3.34 3.73    
Interest Income (As % Of Revenues) %       58.8 62.9 64.1 63.8 72.7    
Fee Income (As % Of Revenues) %       29.1 26.1 24.1 18.0 19.6    
Other Income (As % Of Revenues) %       12.1 11.0 11.8 18.2 7.68    
Cost Per Employee USD per month ... ... ... 1,344 1,511 1,612 1,103 837    
Cost Per Employee (Local Currency) RUB per month ... ... ... 200,483 229,944 271,357 288,084 281,756    
Staff Cost (As % Of Total Cost) %       56.4 56.4 57.3 57.7 58.1    
Equity (As % Of Assets) %       14.1 15.6 16.9 11.9 12.4    
Loans (As % Of Deposits) %       77.6 83.9 89.2 71.5 60.7    
Loans (As % Assets) %       54.8 59.1 58.7 48.8 43.4    
NPLs (As % Of Loans) %       25.2 26.5 34.7 19.0 16.3    
Provisions (As % Of NPLs) %       74.0 67.6 42.6 64.8 66.9    
Provisions (As % Of Loans) %       23.0 21.8 17.4 14.0 12.3    
Cost of Provisions (As % Of Loans) %       1.23 1.86 0.477 0.634 1.13    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                    
Employees ... ... ... 12,149 11,198 10,984 11,827 11,402    
Sight (As % Of Customer Deposits) %       44.4 32.0 38.0 29.5 28.3    

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Halyk Bank's share price (end of period) rose 14.4% yoy to RUB 117 in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank stock traded at RUB 117 per share at the end of second quarter of 2019 implying a market capitalization of USD 21,612 mil. Over the last five years, the stock has appreciated by 150 % implying an annual average growth of 20.2 %. In absolute terms, t...

Halyk Bank's corporate loans rose 11.6% yoy to KZT 2,882 bil in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank's loans reached KZT 3,909 bil in the second quarter of 2019, up from KZT 3,834 bil when compared to the previous quarter and up from KZT 3,592 bil when compared to the same period of last year. Historically, the bank’s loans reach...

Halyk Bank's net interest income rose 8.48% yoy to KZT 97.7 bil in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank generated total banking revenues of KZT 149 bil in the second quarter of 2019, up 5.51% when compared to the same period of last year and 13.4% when compared to the previous quarter. Historically, the bank’s revenues containing of interest,...

Halyk Bank's net interest margin rose 0.984% yoy to 4.36% in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank's net interest margin amounted to 4.36% in the second quarter of 2019, up from 4.16% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 5.41% in 2Q2015 and an all time low of ...

Halyk Bank's price/earnings (P/E) fell 33.9% yoy to 4.10 in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank stock traded at RUB 117 per share at the end second quarter of 2019 implying a market capitalization of USD 21,612 mil. Since the end of 2Q2014, the stock has appreciated by 150 % implying an annual average growth of 20.2 %. In absolute terms, the v...

Halyk Bank's capital adequacy ratio rose 2.62% yoy to 19.6% in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank's capital adequacy ratio reached 19.6% at the end of second quarter of 2019, down from 20.9% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 22.5% in 3Q2010 and an all time low of 17.8% in 3Q2...

Halyk Bank's retail loan growth fell 96.3% yoy to 2.36% in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank's retail loans reached KZT 1,007 bil at the end of 2019-06-30, up 3.22% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 28.8% of the bank's loan book at...

Halyk Bank's customer loan growth fell 83.6% yoy to 7.80% in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank's customer loan growth reached 7.80% in 2019-06-30, down from 47.6% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 47.6% in 2018-06-30 and an all time low of -5.00% in 2010-09-30. In the...

Halyk Bank's equity (as % of assets) rose 15.8% yoy to 12.4% in 2Q2019

By Helgi Analytics - October 23, 2019

Halyk Savings Bank's Equity reached 12.4% of total assets in the 2Q2019, up from 10.8% for the previous year. As a share of net customer loans, the ratio amounted to 32.3% at the end of the second quarter of 2019. ...

Halyk Bank's net profit rose 46.1% to KZT 253 bil in 2018

By Helgi Analytics - September 25, 2019

Halyk Savings Bank made a net profit of KZT 253 bil under revenues of KZT 499 bil in 2018, up 46.1% and 38.4% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of KZT 253 bil in 2018 and an all time low of KZT 15...

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Finance

Halyk Savings Bank has been growing its revenues and asset by 0% and 0% a year on average in the last 10 years. Its loans and deposits have grown by 0% and 0% a year during that time and loans to deposits ratio reached 53.3% at the end of 2018. The company achieved an average return on equity of 19.1% in the last decade with net profit growing 0% a year on average. In terms of operating efficiency, its cost to income ratio reached 27.5% in 2018, compared to 30.6% average in the last decade.

Equity represented 11.9% of total assets or 30.6% of loans at the end of 2018. Halyk Savings Bank's non-performing loans were 17.3% of total loans while provisions covered some 61.0% of NPLs at the end of 2018.

Valuation

Halyk Savings Bank stock traded at RUB 102 per share at the end of 2018 resulting in a market capitalization of USD 3,424 mil. Over the previous five years, stock price rose by 161% or 21.2% a year on average. That’s compared to an average ROE of 23.9% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 4.48x and price to book value (PBV) of 1.07x in 2018.

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