Kazakhstan's Halyk Bank increases IFRS net profit by 40% in H1 - consensus forecast
ALMATY. Aug 17 (Interfax) - Investment and banking analysts surveyed by Interfax expect Kazakh Halyk Bank's net profit according to international financial reporting standards (IFRS) to increase by 40% year-on-year to 29.54 billion tenge (149,22 tenge/August
17, 2012) for the first half of 2012.
According to the forecasts, the bank's assets increased by 9.9% to 2.449 trillion tenge in January-June 2012.
Halyk Bank will publish its IFRS results for the first half of 2012 on August 20.
Forecasts for Halyk Bank's IFRS results in H1, in mln of tenge:
| Company/Bank | Net profit | Assets* |
| BCC Invest | 33 023 | 2 628 395 |
| Troika Dialog | 29 300 | 2 528 199 |
| Bank of America Merrill Lynch | 28 877 | 2 547 326 |
| Uralsib Capital | 26 968 | 2 291 859 |
| Consensus | 29 542 | 2 498 944,75 |
| H1 2011 | 21 100 | 2 273 930 |
| Change | 40% | 9,9% |
* Results on assets in comparison with 2011's results
Analysts at Troika Dialog expected the bank's quarterly results to show decrease. "Profit [for the second quarter], according to our estimates, will come to 12.7 billion tenge, which is a year-on-year decrease of 24%, because of low profit posted by the Pension Fund [part of Halyk Bank Group], as well as a decrease in the interest margin and a seasonal increase in the rate of expenditure growth," the company said in its comments.
According to the company's forecasts, the bank's return on average equity (ROAE) will come to 19% for the first half of 2012.
According to experts at Uralsib Capital, the positive changes in the bank's financial results will likely be seen in the second half of 2012 "when the program for working with problematic assets starts to produce results."
The majority shareholder in Halyk Bank is Almex Holding Group worth 57.78% of voting shares (44.51% of charter capital), which is under the control of Timur Kulibayev, the Kazakh president's son in law, and his spouse, Dinara Kulibayeva.
According to the Kazakh financial authorities, Halyk Bank was the biggest bank in the country by assets for the first half of 2012.
