Halyk Bank of Kazakhstan (HSBK) Q4 2025 earnings summary

Executive summary

• Net income reached KZT 1,058 billion for 2025, up 14.9% year-on-year, with strong growth in net interest, fee, and insurance income, and robust client activity across B2C and B2B segments.

• Total assets increased 12.7% year-to-date to KZT 20,908 billion, with net loans up 14.3% to KZT 13,111 billion.

• Digital platforms saw robust engagement, with Halyk Super-App payments up over 20% and Onlinebank payments up nearly 30% year-on-year.

• Completed a $475 million secondary offering, raising free float to 37.6%, and improved ESG ratings.

• Maintained leading market positions in net income, assets, loans, and deposits.

Financial highlights

• Net interest income grew 16.2% to KZT 1,288 billion; net non-interest income rose 23% to KZT 475 billion; net fee and commission income increased 11.9% to KZT 140 billion.

• Net income rose 14.9% to KZT 1,058 billion; ROE reached 32.6%; NIM was 7.1%; cost-to-income ratio improved to 17.5%.

• Total assets increased 12.7% YTD; gross loans up 13.9%; deposits up 10.8%; total deposits at KZT 14,339 billion.

• Loans-to-deposit ratio at 91.4%; cost of risk at 1.4%; ROAA at 5.4%.

• Dividend yield averaged 14.5% over five years, with EPS and DPS growing at high teens to mid-20s rates.

Outlook and guidance

• 2026 guidance: net loan portfolio growth 9–12%, retail loans 8–10%, corporate/SME loans 10–13%.

• Net and commission income growth expected at 5–10%; cost of risk at 1.5%; net income around KZT 1 trillion.

• Return on average equity expected at 29%; NIM at 6.8%; cost-to-income ratio between 18–20%.

• Guidance revised downward due to expectations of higher rates for longer and slower economic activity.