27 March 2024
Joint Stock Company "Halyk
Bank of Kazakhstan"
PRESS-RELEASE
Fitch reaffirmed Halyk's
Rating at 'BBB-'; Outlook Stable.
S&P Global Ratings
revised Outlook on Halyk to Positive, Ratings are affirmed at
'BB+/B'
On 20 March 2024, Fitch Ratings has
affirmed Halyk's Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'BBB-'. The Outlooks are Stable.
As Fitch stated, the Bank's ratings
are underpinned by its dominant market shares in Kazakhstan and
record of robust profitability, as well as solid capitalization and
liquidity. The Stable Outlook reflects Fitch's view that the Bank's
credit metrics will remain strong in the medium term.
The rating agency noted an
exceptionally strong domestic franchise of Halyk, particularly in
corporate lending, and high pricing power. This has historically
translated into greater stability of asset quality and earnings
through the cycle than domestic peers', which Fitch expects to
continue. For these reasons, Fitch rates Halyk one notch above its
operating environment score of 'bb+'.
Moreover, on 19 March 2024, S&P
Global Ratings revised Outlook on Halyk to Positive from
Stable amid improved assessment of economic risk in Banking
Industry Country Risk Assessment (BICRA) for Kazakhstan on
significantly better than expected banking system's
asset quality and financial performance, as well as gradual
enhancement of regulatory oversight. The Bank's ratings are
affirmed at the 'BB+/B' level.
About Halyk Bank
Halyk Bank is Kazakhstan's leading
financial services group, operating across a variety of segments,
including retail, SME & corporate banking, insurance, leasing,
brokerage and asset management. Halyk Bank has been listed on the
Kazakhstan Stock Exchange since 1998, on the London Stock Exchange
since 2006 and Astana International Exchange since October
2019.
With total assets of KZT 15,494.4bn
as at 31 December, 2023, Halyk Bank is Kazakhstan's leading
lender. The Bank has the largest customer base and broadest branch
network in Kazakhstan, with 570
branches and outlets across the country. The Bank
also operates in Georgia, Kyrgyzstan and Uzbekistan.
For more information on Halyk Bank, please visit https://www.halykbank.com
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ENDS-
For
further information, please contact:
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Halyk Bank
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Mira
Tiyanak
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+7 727 259
04 30
MiraK@halykbank.kz
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Nurgul Mukhadi
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+7 727 330 16 77
NyrgylMy@halykbank.kz
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Rustam Telish
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+7 727 330 15 66
RustamT3@halykbank.kz
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