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Halyk Bank Publishes Its Consolidated Financial Results for 2020


18 March 2021, Almaty – Joint Stock Company Halyk Savings Bank of Kazakhstan and its subsidiaries (the “Bank”) announce their results for 2020.

“Against the background of the 2020 events the companies of Halyk Group showed good financial results with the global economy, demonstrating positive dynamics in the pace of development of all business areas. The market has once again witnessed that efficient and structured business is a responsive way to address global challenges by adapting its processes in a timely manner and offering all types of customers recent marketable services and products. Halyk Bank, as the largest financial institution in Central Asia, was a frontliner in the COVID-19 crisis, daily taking an active part in the implementation of government initiatives to mitigate the impact of the National Emergency and address business interests of our customers from the very beginning of the introduction of the National Emergency. I am sure that the significant efforts made by the team of the Group in the year of the pandemic and coronacrisis to drive growth and build  trust with customers, investors, partners, shareholders will be paid off  in the coming 2021 as well,” said Umut Shayakhmetova, CEO of Halyk Bank.

12M2020, net income for common shareholders increased by 5.4% up to KZT352.7 billion vs. KZT334.5 billion for 12M2019, mainly due to an increase in net income from insurance activities and profit from derivatives and securities.

The increase in interest income from loans to customers was partially offset by a decrease in interest income from securities due to flow of high-yield NBRK notes to a low-yield deposit in foreign currency with the NBRK after the SWAP settlement with the NBRK in the amount of USD912 million.  As a result, in 12M2020, interest income increased by 3.2% to KZT733.2 billion vs. KZT710.3 billion for 12M2019. In 12M2020, interest expenses increased by 6.9% to KZT333.7 billion vs. KZT312.3 billion for 12M2019 due to the growth of average balances and the share of KZT deposits in customer accounts. In 12M2020, NIM decreased to 4.7% vs. 5.3% in 12M2019, as a result of the flow of high-yield NBRK notes to a low-yield deposit in foreign currency with the NBRK after the SWAP settlement with the NBRK. 

In 12M2020, cost of risk decreased to 0.4% vs. 0.7% in 12M2019 and decreased to (1.0%) in 4Q2020 compared to 0.2% in 3Q2020, mainly due to repayment of large loans of corporate borrowers.

In 12M2020, fee and commission income increased by 6.6% compared to 12M2019, as a result of the growing volume of transaction banking, mainly in servicing plastic cards, as well as bank transfers - settlement accounts.

The fee and commission expenses increased by 15.6% y/y due to an increase in the number of transactions with cards of other banks in the Bank's acquiring network, which was partially offset by a decrease in deposit insurance fees payable to the Kazakhstan Deposit Guarantee Fund, due to lower rates for the Bank as capital adequacy ratios have increased. 

In 12M2020, operating expenses increased by 8.9% vs. 12M2019, due to an increase in salaries and bonuses as a result of an increase in the retail sales incentive in 2020, and bonuses paid to customers under the loyalty campaign, which are included in operating expenses related to ad and the loyalty campaign, starting in 4Q2019. 

Operating expenses to operating income of the Bank increased to 26.8% vs. 25.4% in 12M2019, due to the higher level of operating expenses for 12M2020.

At the end of 2020, total assets increased by 12.5% vs. the end of 2019, due to the growth of deposits and capital.

At the end of 2020, funds in credit institutions increased by 13.3 times vs. the end of 2019, due to the placement of funds after SWAP settlement with the NBRK in the amount of USD 912 million.

Compared to the end of 2019, loans to customers, gross increased by 15.9% and net by 18.5%. The growth of gross loan portfolio was driven by an increase in the corporate portfolio (gross 10.1%), SME and the retail portfolio grew by 24.1% and 24.4% on a gross basis, respectively.

At the end of 2020, Stage 3 ratio decreased to 12.3% from 14.8% at the end of 3Q2020, mainly due to write-off, repayment and restructuring of bad debts.

Amounts due to legal entities and individuals increased by 19.1% and 13.8%, respectively, vs. the end of 2019, mainly due to the cash inflow from Bank's customers and due to the positive revaluation of deposits in foreign currency due to the depreciation of the tenge against the US dollar during 12 months 2020 At the end of 2020, the share of corporate deposits denominated in tenge in the total amount of corporate deposits amounted to 59.9%, vs. 55.5% at the end of Q3. 2020, while the share of retail deposits denominated in tenge in the total amount of retail deposits amounted to 45.9% compared to 43.5% at the end of 3Q2020

Issued securities decreased by 6.7% compared to the end of 2019, as a result of partial early redemption of Eurobonds on 31 December 2020, which was partially offset by revaluation of debt securities in foreign currency due to the weakening of the tenge against the US dollar during 12 months 2020.

As of the end of 2020, capital increased by 14.2% vs. the end of 2019, thanks to net profit of the Bank for 12M2020.

More detailed consolidated financial statements and independent auditors' report for the year ended 31 December 2020, including notes, are available on the Bank's website:


Halyk Bank is a leading financial group in Kazakhstan, operating in various segments including retail, SME and corporate banking, insurance, leasing, brokerage and asset management. The Bank has been listed on the Kazakhstan Stock Exchange since 1998, on the London Stock Exchange since 2006 and on the Astana International Exchange since October 2019.

As of 31 December 2020, the Bank’s assets total KZT10,387.8 billion, making it the leading credit institution in Kazakhstan. The Bank has the largest customer database and branch network - 611 branches and outlets throughout the country. The Bank also runs operations in Georgia, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.




The Bank's Retail showed excellence in 2020, despite the current situation in the country due to the quarantine measures. The growth dynamics in customer database - 11.8 million customers as of 1 January 2021, the share of unique active customers using at least one product - 71%, sales figures of all products available to customers in general show these excellent results. 

The number of payment cards in the portfolio - over 12.5 million units, while our market share of active plastic debit cards was 25%. The Bank is a leader in servicing pensioners and welfare recipients, the share of agency (in the number of recipients of pension payments) was 72.3%

The Bank continues to maintain a leading position in the retail deposit market: its share in the retail deposit market is 32.9% (KZT3.6 trillion).

As of 1 January 2021, the Bank's loan portfolio amounted to KZT1,258 billion, the Bank's share in the retail lending market was 18% (01.01.2020 - 17.3%).

The regional representation network also remains and is one of the most extensive in Kazakhstan, which has 24 branches and 611 sales channels as of 1 January 2021.

At the end of the reporting period, the payment infrastructure of the Bank includes 4,596 ATMs and 978 payment terminals. The Bank is the largest acquirer in the country with 101,509 POS terminals, every second POS terminal in the trade network belongs to Halyk Bank.

One of the main strategic services of the Bank - salary projects, the number of which is about 33 thousand. At the same time, the number of salary customers who are paid in the Bank amounted to 2.2 million.

In order to improve the service for the convenience of customers in the outlets, as well as in the Bank's online services, the channels for issuing debit cards have been expanded, which allows customers to issue cards in a more convenient way for them at their discretion: at the outlets in 5 minutes via a mobile embosser, online in the Homebank with free delivery, issue of customized cards, i.e. with an individual design for companies, as well as issue of cards through card machines in 5 minutes.

One of the 2020 strategic tasks was the development of remote services, namely, adding the internet banking services to the Homebank. The customer identification online was introduced, which made it possible for users to register for the Homebank during the National Emergency. As of 1 January 2021, the number of Homebank users increased to 6.2 million customers. The number of active customers (MAU) increased 2.2 times from 1,175 to 2,611 thous. people.

The development of lending services online such as loan applications, refinancing, has significantly increased the interest of customers in the Internet banking. The developed commodity lending scheme allows customers to buy goods by installments both online and offline at partners' points of sale without visiting the Bank outlet.

Now, in the Homebank app, you can buy any product in the two-year installment without overpayment and interest thanks to a new innovative consumer lending solution. All customers of the Halyk Homebank app have the opportunity to make favorable purchases up to KZT6,000,000 in the Bank's partner network, such as Sulpak, Technodom, Alser and other.

The online service for early repayment of a commodity and unsecured loan made it possible to process 90% of early repayment applications in the Homebank instead of the Bank’s outlets. The online service of monthly payments allows the Customer to pay it in advance.

At the end of 2020, the Bank among the STBs of Kazakhstan was the first to integrate with the Public Service Center (PSC) to transfer the account number using customer’s IIN. The customer now may not file any statements of accounts to the PSC to apply for pension and/or social welfare payments.

Transit of SMS notifications to PUSH notifications in the Homebank. In the summer of 2020, the Bank notifies its customers of transaction activity in a more secure way using the Halyk Homebank channel, which increased the number of customer requests for the mobile app.

In 2020, the retail also focused on the development of ecosystem products and their availability in the Halyk Homebank app. Now, customers can find out the terms of the loyalty campaign and Halyk Club partners, get answers to all their questions in the Halyk Info service, book and buy a tour on favorable terms through the Halyk Tour, apply for insurance certificate using only one app - Halyk Homebank. Total downloads of the Homebank app in the online stores Google Play and App Store exceeded 5.6 million downloads.


In 2020, growth of SME portfolio was 23% or more than KZT120 billion, the increase in the number of borrowers was 51% or more than 2,800 borrowers. The Bank’s SME customers total a.330 thous.

Halyk Bank has been and remains the leading SME lender. In 2020, the Bank developed and implemented a digital loan product for sole proprietors, which allows the Bank's customers to apply and receive a loan to a current account within 30 minutes, without visiting the Bank and paper documents.

In addition, sole proprietors can open current accounts remotely. Issuing corporate cards has been added to the onboarding process. A Liveness app has been launched with an alternative identity verification method. 

At the end of 2020, the Bank upgraded the Onlinebank in the context of corporate cards and implemented online issuance and free delivery of cards to major cities. 

In March 2020, the NBRK and the Agency of the Republic of Kazakhstan for the Regulation and Development of the Financial Market, together with second-tier banks, developed a Program of soft loans to business entities. 27 March 2020, the Bank signed an agreement on the implementation of the program under which KZT180 billion had been allotted with the Bank (30% of the total program value). In December 2020, the conditions of the Program of soft loans to business entities were revised, including the increase of the program value of up to KZT770 billion, where KZT49.3 billion had been additionally allotted to the Bank. The Bank ranks first among the participating banks both in the amount of allotted funds and in the amount of funds disbursed.

During 2020, the Bank actively participated and continues to participate in the implementation of government programs together with the Damu Fund to support entrepreneurship in Kazakhstan. In particular, the Bank provides financing under the Regional SME Financing Program, the State Program for the Development of Productive Employment and Mass Entrepreneurship for 2017-2021 "Enbek", the Program for Supporting SME engaged in the Manufacturing, the State Program for Housing Construction "Nurly Zher", the State Program for Support and Development of Business "Business Roadmap - 2025, the so-called Program “Economy of Simple Things". Within the framework of most programs, the Bank takes a leading position in the amount of allotted funds, as well as in the number and volume of signed subsidy and guarantee agreements.

In 2020, 2 new directions were created in the Business Roadmap 2025 Program - to support micro and small business, as well as to support entrepreneurs in the most affected economic sectors. The Bank took an active part in the implementation of these two newly created directions.

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