RNS Number : 2966X
JSC Halyk Bank
19 March 2026
19 March 2026
Joint Stock Company 'Halyk Bank of Kazakhstan'
Consolidated financial results
for the year ended 31 December 2025
Joint Stock Company 'Halyk Bank of Kazakhstan' and its subsidiaries (together "the Bank") (LSE: HSBK; KASE: HSBK, HSBKd; AIX: HSBK, HSBK.Y) releases consolidated financial information for the year ended 31 December 2025.
Consolidated Statement of Profit or Loss
KZT mln
12M 2025
12M 2024
Y-o-Y, abs
Y-o-Y,%
4Q 2025
4Q 2024
Y-o-Y, abs
Y-o-Y,%
Interest income(1)
2,694,957
2,170,786
524,171
24.1%
708,575
598,926
109,649
18.3%
Interest expense
(1,407,219)
(1,062,876)
(344,343)
32.4%
(389,109)
(282,702)
(106,407)
37.6%
Net interest income before credit loss expense
1,287,738
1,107,910
179,828
16.2%
319,466
316,224
3,242
1.0%
Fee and commission income
238,954
211,734
27,220
12.9%
63,380
58,166
5,214
9.0%
Fee and commission expense
(98,805)
(86,450)
(12,355)
14.3%
(25,038)
(25,459)
421
(1.7%)
Fees and commissions, net
140,149
125,284
14,865
11.9%
38,342
32,707
5,635
17.2%
Net insurance income (2)
62,964
49,932
13,032
26.1%
11,633
23,656
(12,023)
(50.8%)
Net gain on foreign exchange operations, financial assets and liabilities(3)
203,671
216,915
(13,244)
(6.1%)
61,581
67,880
(6,299)
(9.3%)
Other expense/non-interest income (4)
67,919
(6,303)
74,222
(x10.8)
19,786
24,885
(5,099)
(20.5%)
Expected credit loss expense and recovery of other credit loss expense
(156,208)
(128,472)
(27,736)
21.6%
(48,733)
(31,544)
(17,189)
54.5%
Operating expenses (5)
(307,996)
(263,373)
(44,623)
16.9%
(86,687)
(82,674)
(4,013)
4.9%
Income tax expense
(239,817)
(180,902)
(58,915)
32.6%
(66,903)
(68,958)
2,055
(3.0%)
Net income
1,058,420
920,991
137,429
14.9%
248,485
282,176
(33,691)
(11.9%)
Non-controlling interest
3
3
0
-
1
1
0
-
Net income attributable to common shareholders
1,058,417
920,988
137,429
14.9%
248,484
282,175
(33,691)
(11.9%)
Net interest margin, p.a.
7.1%
7.2%
6.9%
7.6%
Return on average equity, p.a.
32.6%
34.0%
29.4%
37.5%
Return on average assets, p.a.
5.4%
5.5%
4.8%
6.3%
Cost-to-income ratio
17.5%
17.6%
19.2%
17.8%
Cost of risk on loans to customers, p.a.
1.4%
1.2%
1.3%
0.9%
(1) Interest income calculated using the effective interest method and other interest income;
(2) Insurance revenue less insurance service expense, net insurance finance expense and net reinsurance expense;
(3) Net gain on financial assets and liabilities at fair value through profit or loss, net realised (loss)/gain from financial assets at fair value through other comprehensive income, net foreign exchange gain;
(4) Share in profit of associate, income on non-banking activities, other income/(expense);
(5) Including (impairment loss)/reversal of impairment of non-financial assets;
Net income attributable to common shareholders for 12M 2025 is up 14.9% year-on-year thanks to increase in lending, transactional and insurance businesses and due to the base effect of one-off recognized loss due to the early repayment of the deposit of KSF in 12M 2024.
Interest income(1) for 12M 2025 was up 24.1% vs. 12M 2024 mainly due to increase of average balances of loans to customers.
Interest expense for 12M 2025 increased by 32.4% vs. 12M 2024 mainly as a result of the increase in average rate and balances of amounts due to customers, as well as the growth in the share of KZT amounts due to customers.
Net interest margin decreased to 7.1% for 12M 2025 compared to 7.2% for 12M 2024 due to the introduction of new minimum reserve requirements coefficients and faster repricing of average interest bearing liabilities compared to average interest earning assets following the increase in the base rate.
Net fee and commission income for 12M 2025 increased by 11.9% vs. 12M 2024 as a result of increased number of clients and the growth of clients' transactional activity both of individuals and legal entities.
The positive dynamics of other expense/non-interest income (4) in 12M 2025 was impacted by the base effect of one-off recognized loss due to the early repayment of the deposit of KSF in 12M 2024.
Operating expenses(5) for 12M 2025 increased by 16.9% vs. 12M 2024 mainly due to the indexation of salaries and other employee benefits, including the costs of the long-term incentive program as well as IT development related costs.
The Bank's cost-to-income ratio slightly decreased to 17.5% compared to 17.6% for 12M 2024 amid higher operating income for 12M 2025.
Cost of risk in 12M 2025 was at normalized level in line with our full year guidance and was at the level of 1.4%.
Consolidated Statement of Financial Position
KZT mln
31-Dec-25
30-Sep-25
Change Q-o-Q, abs
Change Q-o-Q, %
31-Dec-24
ChangeYTD, abs
Change YTD,%
Total assets
20,908,456
20,410,346
498,110
2.4%
18,548,414
2,360,042
12.7%
Cash and cash equivalents
1,694,431
1,781,551
(87,120)
(4.9%)
1,473,802
220,629
15.0%
Obligatory reserves
862,148
834,159
27,989
3.4%
306,330
555,818
x2.8
Amounts due from credit institutions
181,288
200,256
(18,968)
(9.5%)
156,966
24,322
15.5%
T-bills of MinFin & NBRK notes(6)
2,502,059
2,487,956
14,103
0.6%
2,738,432
(236,373)
(8.6%)
Other securities & derivatives(7)
1,846,649
1,910,723
(64,074)
(3.4%)
1,776,082
70,567
4.0%
Gross loan portfolio
13,714,721
13,031,358
683,363
5.2%
12,038,868
1,675,853
13.9%
Allowance for expected credit losses
(603,804)
(611,402)
7,598
(1.2%)
(573,219)
(30,585)
5.3%
Net loan portfolio
13,110,917
12,419,956
690,961
5.6%
11,465,649
1,645,268
14.3%
Assets classified as held for sale
8,896
11,383
(2,487)
(21.8%)
8,833
63
0.7%
Other assets
703,065
764,362
(61,297)
(8.0%)
622,320
80,745
13.0%
Total liabilities
17,408,105
17,142,708
265,397
1.5%
15,480,365
1,927,740
12.5%
Amounts due to customers, including:
14,338,804
14,163,375
175,429
1.2%
12,990,043
1,348,761
10.4%
individuals' deposits
7,976,450
7,720,886
255,564
3.3%
7,200,363
776,088
10.8%
term deposits
6,781,175
6,675,906
105,269
1.6%
6,063,129
718,046
11.8%
current accounts
1,195,275
1,044,980
150,295
14.4%
1,137,234
58,042
5.1%
legal entities' deposits
6,362,353
6,442,489
(80,135)
(1.2%)
5,789,680
572,673
9.9%
term deposits
4,675,777
4,719,737
(43,960)
(0.9%)
3,811,441
864,336
22.7%
current accounts
1,686,576
1,722,752
(36,176)
(2.1%)
1,978,239
(291,663)
(14.7%)
Debt securities issued
970,098
979,743
(9,645)
(1.0%)
879,212
90,886
10.3%
Amounts due to credit institutions
1,270,128
1,138,477
131,651
11.6%
814,069
456,059
56.0%
Other liabilities
829,075
861,113
(32,038)
(3.7%)
797,041
32,034
4.0%
Total equity
3,500,351
3,267,638
232,713
7.1%
3,068,049
432,302
14.1%
(6) Treasury bonds of the Ministry of Finance of the Republic of Kazakhstan and Notes of NBRK;
(7) Financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income and debt securities at amortized cost, net of allowance for expected credit losses less Treasury bonds of the Ministry of Finance of the Republic of Kazakhstan and Notes of NBRK;
As at end of 12M 2025, total assets were up 12.7% year-to-date, mainly driven by an increase in amounts due to customers.
Compared with the YE of 2024, loans to customers were up 13.9% on a gross and 14.3% on a net basis, with retail loans growing by 10.8%, while the loan portfolio of legal entities increased by 15.5% on a gross basis.
Stage 3 loans increased to 7.7% as at the end of 4Q 2025 year-to-date as a result of the moratorium on the sale of problem retail loans to collection agencies till May 2026 and the migration of few corporate clients from Stage 2 to Stage 3.
Compared with the YE 2024, the deposits of legal entities and the deposits of individuals were up 9.9% and 10.8%, respectively, due to fund inflow from the Bank's clients.
As at the end of 12M 2025, the share of KZT deposits in total deposits was 71.7% compared to 69.1% as at the YE 2024, in corporate deposits the share was 70.4% vs. 70.9% as at the YE 2024, while the share in total retail deposits was 72.7% vs. 67.5% as at YE 2024.
Amounts due to credit institutions increased by 56.0% vs. the YE 2024, due to increase in loans under REPO agreements.
As at the end of 12M 2025, debt securities issued were up 10.3% year-to-date, and the Bank's debt securities portfolio was as follows:
Description of the security
Nominal amount outstanding
Interest rate
Maturity Date
Local bonds
KZT 182.1bn
18.63% p.a. - floating rate
July 2031
Local bonds
KZT 20.0bn
17.83% p.a. - floating rate
December 2027
Local bonds listed at Astana International Exchange
USD 196.5 mln
3.5% p.a.
May 2027
Local bonds listed at Astana International Exchange
USD 299.6 mln
3.5% p.a.
May 2027
Local bonds listed at Astana International Exchange
USD 500 mln
3.5% p.a.
May 2027
Local bonds listed at Astana International Exchange
USD 496.4 mln
3.5% p.a.
July 2027
As at the end of 12M 2025, total equity of the Bank increased by 14.1% compared to the YE 2024, due to net profit earned by the Bank during 12M 2025.
The Bank's capital adequacy ratios were as follows*:
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
Capital adequacy ratios, unconsolidated:
Halyk Bank
k1-1
18.9%
18.0%
18.5%
19.8%
19.3%
k1-2
18.9%
18.0%
18.5%
19.8%
19.3%
k2
18.9%
18.0%
18.5%
19.8%
19.4%
* The minimum regulatory capital adequacy requirements are 9.5%, for k1, 10.5% for k1-2 and 12% for k2, including a conservation buffer of 3% and systemic buffer of 1% for each.
The consolidated financial statements and independent auditors' report for the year ended 31 December 2025, including the notes attached thereto, are available on Halyk Bank's website:
https://halykbank.com/results-and-presentations.
A 12M and 4Q 2025 results webcast will be hosted at 2:00pm London time/7:00pm Almaty time (UTC +05:00) on Thursday, 19 March 2026. A live webcast of the presentation can be accessed via Zoom link after the registration. The registration is open until 19 March 2026 (including), for the registration please click here.
About Halyk Bank
Halyk Bank is the leading financial services group in Kazakhstan, with a diversified presence across retail, SME, and corporate banking, as well as insurance, leasing, brokerage, asset management and lifestyle services. Halyk Bank has been listed on the Kazakhstan Stock Exchange since 1998, the London Stock Exchange since 2006, and the Astana International Exchange since 2019.
As of 31 December 2025, Halyk Bank had total assets amounting to KZT 20,908bn, making it the largest lender in Kazakhstan. The Bank boasts the country's one of the largest customer base and the most extensive branch network, with 531 branches and service outlets across nationwide. Additionally, the Bank operates in Georgia and Uzbekistan.
For more information on Halyk Bank, please visit https://halykbank.com/
- ENDS-
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