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JSC Halyk Bank: Consolidated financial results -2-

DJ JSC Halyk Bank: Consolidated financial results for the three months ended 31 March 2018

Dow Jones received a payment from EQS/DGAP to publish this press release.

JSC Halyk Bank (HSBK) 
JSC Halyk Bank: Consolidated financial results for the three months ended 31 
March 2018 
 
18-May-2018 / 17:43 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
            18 May 2018 
 
      Joint Stock Company 'Halyk Savings Bank of Kazakhstan' 
 
      Consolidated financial results 
 
      for the three months ended 31 March 2018 
 
 Joint Stock Company 'Halyk Savings Bank of Kazakhstan' and its subsidiaries 
            (together "the Bank") (LSE: HSBK) releases its condensed interim 
consolidated financial information for the three months ended 31 March 2018. 
 
Statement of profit or loss review 
 
                 1Q     4Q       Change          Q-o-Q, % 
                2018   2017       , abs 
Interest income 162,0   167,276        -5,27               -3.2% 
                   05                       1 
Interest        -87,6         -        -2,04                2.4% 
expense            17    85,569             8 
Net interest    74,38    81,707        -7,31               -9.0% 
income before       8                       9 
credit loss 
expense 
Fee and         26,37    28,760        -2,38               -8.3% 
commission          4                       6 
income 
Fee and         -9,68   -10,703         1,023              -9.6% 
commission          0 
expense 
Net fee and     16,69    18,057        -1,36               -7.5% 
commission          4                       3 
income 
Insurance         292     2,933        -2,64              -90.0% 
income(1)                                   1 
FX              55,42    43,216        12,20               28.3% 
operations(2)       5                       9 
Loss from       -42,5   -27,877        -14,6               52.6% 
derivative         46                      69 
operations and 
securities (3) 
Other           15,76    14,179         1,585              11.2% 
non-interest        4 
income 
Credit loss     -5,19   -43,149        37,95              -88.0% 
expense (4)         7                       2 
Recoveries of   1,355     1,275            80               6.3% 
other credit 
loss expense(5) 
Operating       -36,0  -46,216         10,13              -21.9% 
expenses           84       (6)             2 
Income tax      -10,1    -8,167        -1,99               24.4% 
expense            59                       2 
Profit from     2,585     2,134           451              21.1% 
discontinued 
operations 
Non-controlling -10,4       -51        -10,4              205.2x 
interest in net    64                      13 
income 
Net income      62,05    38,041        24,012              63.1% 
                    3 
 
Net interest     4.3%   4.9% 
margin, p.a. 
Return on       29.2%  18.0% 
average equity, 
p.a. 
Return on        2.9%   1.8% 
average assets, 
p.a. 
Cost-to-income  29.3%  33.5% 
ratio 
Cost of risk on  0.2%   4.8% 
loans to 
customers, p.a. 
 
    (1) insurance underwriting income (gross insurance premiums written, net 
        change in unearned insurance premiums, ceded reinsurance share) less 
insurance claims incurred, net of reinsurance (insurance payments, insurance 
            reserves expenses, commissions to agents); 
 
            (2) net gain on foreign exchange operations; 
 
    (3) net loss from financial assets and liabilities at fair value through 
 profit or loss and net realised gain financial assets at fair value through 
            other comprehensive income; 
 
    (4) total credit loss expense, including credit loss expense on loans to 
         customers, amounts due from credit institutions, available-for-sale 
            investment securities and other assets; 
 
            (5) provisions against letters of credit and guarantees issued 
 
            (6) Including impairment loss of assets held for sale 
 
 Compared with 4Q 2017, net interest income decreased by 9.0% to KZT 74.4bn, 
 mainly due to decline in interest rates on loans to customers, amortisation 
  of a discount on perpetual bond redeemed by Kazkommertsbank in 1Q 2018 and 
    reclassification of Kazkommertsbank interest income from amortisation of 
            discount on receivables into other income due to IFRS 9. 
 
Net interest margin decreased to 4.3% p.a. for 1Q 2018 compared to 4.9% p.a. 
            for 4Q 2017, mainly on the back of lower net interest margin of 
            Kazkommertsbank. 
 
   Credit loss expense decreased by 88.0% mainly due to repayment of problem 
    indebtedness by some of Kazkommertsbank's clients in 1Q 2018 and one-off 
   additional provisions on created on impaired loans of Kazkommertsbank and 
its Russian subsidiary in 4Q 2017. As a result, the cost of risk on loans to 
 customers decreased to 0.2% p.a. over the reporting period compared to 4.8% 
            p.a. for 4Q 2017. 
 
   Fee and commission income decreased by 8.3% compared to 4Q 2017 mainly on 
            the back of seasonal effect. 
 
  Other non-interest income decreased by 10.2% to KZT 43.3bn for 1Q 2018 vs. 
   KZT 48.2bn for 4Q 2017. This decrease was mainly attributable to net loss 
  from financial assets and liabilities at fair value through profit or loss 
 mostly on the back of revaluation loss on derivative and trading operations 
      on the back of KZT appreciation in 1Q 2018. The decrease was partially 
offset by a net gain on foreign exchange operations, mainly as a result of a 
positive revaluation of a short USD position on the balance sheet due to KZT 
            appreciation in 1Q 2018. 
 
 Operating expenses decreased by 21.9% mainly due to higher one-off expenses 
on charity, impairment assets held for sale, amortisation and penalties as a 
result of KKB tax audit in 4Q 2017, as well as expenses on taxes, other than 
            income tax. 
 
 The Bank's cost-to-income ratio decreased to 29.3% compared to 33.5% for 4Q 
 2017 on the back of lower operating expenses. Operating income decreased by 
    10.7% mainly due to negative revaluation of derivative instruments in 1Q 
   2018 and lower net interest income earned in 1Q 2018 compared to 4Q 2018. 
 
Statement of financial position review 
 
                 31-Mar-18 31-Dec-17   Change, abs   Change YTD, 
                                                          % 
Total assets     8,411,931 8,857,781    -445,850        -5.0% 
Cash and         1,386,943 1,891,587    -504,644       -26.7% 
reserves 
Amounts due from  86,357    87,736       -1,379         -1.6% 
credit 
institutions 
T-bills & NBK    2,051,492 1,878,870     172,622        9.2% 
notes 
Other securities  722,279   831,531     -109,252       -13.1% 
& derivatives 
Gross loan       3,564,346 3,568,263     -3,917         -0.1% 
portfolio* 
Stock of         -338,381  -317,161      -21,220        6.7% 
provisions ** 
Net loan         3,225,965 3,251,102     -25,138        -0.8% 
portfolio 
Assets held for   574,072   552,405      21,667         3.9% 
sale 
Other assets      364,823   364,550        273          0.1% 
Total            7,464,522 7,923,324    -458,803        -5.8% 
liabilities 
Total deposits,  5,756,556 6,131,750    -375,194        -6.1% 
including: 
retail deposits  3,059,674 3,104,249     -44,575        -1.4% 
term deposits    2,666,681 2,691,886     -25,205        -0.9% 
current accounts  392,993   412,363      -19,370        -4.7% 
corporate        2,696,882 3,027,501    -330,619       -10.9% 
deposits 
term deposits    1,435,634 1,705,971    -270,337       -15.8% 
current accounts 1,261,248 1,321,530     -60,282        -4.6% 
Debt securities   924,693   962,396      -37,703        -3.9% 
Amounts due to    158,486   255,151      -96,665       -37.9% 
credit 
institutions 
Liabilities       377,326   334,627      42,699         12.8% 
directly 
associated with 
assets 
classified as 
held for sale 
Other             247,461   239,400       8,060         3.4% 
liabilities 
Equity            947,409   934,457      12,952         1.4% 
 
   *Including KKB net loans of KZT 780,866 million recognised by the Bank at 
fair value + changes in KKB gross loan portfolio from acquisition date to 31 
            March 2018. 
 
        **Including changes in provisions created on KKB loan portfolio from 
            acquisition date to 31 March 2018. 
 
       In 1Q 2018, total assets decreased by 5.0% vs. YE 2017, mainly due to 
       partial withdrawal of funds by the Bank's customers, maturity of REPO 
 transactions and the decrease in balance value of FX denominated assets due 
            to KZT appreciation versus US dollar during 1Q 2018. 
 
   Compared with YE 2017, loans to customers remained almost flat on a gross 
 basis and decreased by 0.8% on a net basis due to loan repayments exceeding 
 new loan issues in Kazkommertsbank portfolio, additional provisions created 
  as a result of IFRS 9 and the decrease in balance value of FX loans due to 
            KZT appreciation versus US dollar during 1Q 2018. 
 
   The aggregate Halyk Bank and KKB's 90-day NPL ratio was 12.7% compared to 
12.1% as at YE 2017. The increase was due to indebtedness of some previously 
   impaired large-ticket corporate borrowers of the Bank and Kazkommertsbank 
            becoming overdue by more than 90 days. 
 
Allowances for loan impairment increased by 6.7% compared to YE 2017, mainly 
  as a result of additional provisions created against impaired loans in the 
       Bank's and Kazkommertsbank's portfolio due to introduction of IFRS 9. 
 
     Deposits of legal entities and individuals decreased by 10.9% and 1.4%, 
respectively, compared to YE 2017, mainly due to partial withdrawal of funds 
by the Bank's customers to finance their ongoing needs. As at 31 March 2018, 
   the share of corporate KZT deposits in total corporate deposits was 54.2% 
compared to 48.3% as at YE 2017, whereas the share of retail KZT deposits in 
            total retail deposits was 42.7% compared to 40.7% as at YE 2017. 
 
Amounts due to credit institutions decreased by 37.9% vs. YE 2017 mainly due 

(MORE TO FOLLOW) Dow Jones Newswires

May 18, 2018 11:43 ET (15:43 GMT)

to maturity of the Bank's REPO transactions with the Kazakhstan Stock 
Exchange in 1Q 2018. As at 31 March 2018, 77.6% of the Bank's obligations to 
       financial institutions was represented by loans from KazAgro national 
   management holding, DAMU development fund, Development Bank of Kazakhstan 
 drawn in 2014-2017 within the framework of government programmes supporting 
            certain sectors of economy. 
 
         Debt securities issued decreased by 3.9% vs. YE 2017, mainly due to 
     redemption of USD 100 million perpetual subordinated international bond 
        bearing a coupon rate of USD Libor + 6.1905% by Kazkommertsbank on 9 
   February 2018. On 11 May 2018, Kazkommertsbank repaid at maturity its USD 
    300mln Eurobond bearing a coupon rate of 8.5%p.a. Both the redemption of 
       perpetual bond and the repayment of Eurobond were made in full out of 
      Kazkommertsbank's own funds. As at the date of this press-release, the 
            Bank's debt securities portfolio was as follows: 
 
Description of the     Nominal     Interest rate     Maturity 
     security          amount                          Date 
                     outstanding 
    Issued by Halyk 
               Bank 
           Eurobond  USD 500 mln     7.25% p.a.    January 2021 
 Local bonds placed  KZT 100 bn      7.5% p.a.       November 
   with the Unified                                    2024 
       Accumulative 
       Pension Fund 
 Local bonds placed KZT 131.7 bn     7.5% p.a.       February 
   with the Unified                                    2025 
       Accumulative 
       Pension Fund 
 
          Issued by 
   Kazkommertsbank* 
Eurobond             USD 750 mln     5.5% p.a.       December 
                                                       2022 
        Local bonds  KZT 94.2 bn     8.75% p.a.    January 2022 
        Local bonds  KZT 59.9 bn     8.4% p.a.       November 
                                                       2019 
Subordinated coupon KZT 101.1 bn     9.5% p.a.     October 2025 
              bonds 
Subordinated coupon  KZT 3.5 bn      Inflation      April 2019 
              bonds                   indexed 
                                  (currently 7.8% 
                                       p.a.) 
Subordinated coupon   KZT 10 bn      Inflation       November 
              bonds                   indexed          2018 
                                   (currently 8.0 
                                       %p.a.) 
 
  *Excluding debt securities of Kazkommertsbank's Russian subsidiary for RUB 
            52.6million. 
 
      Compared with YE 2017 total equity increased by 1.4% mainly due to net 
       profit earned by the Bank during 1Q 2018. The increase in capital was 
   partially offset by additional reserves created by the Bank in connection 
       with IFRS 9 introduced starting from 1 January 2018 and redemption of 
            Kazkommertsbank's own shares during the reporting period. 
 
            The Bank's capital adequacy ratios were as follows*: 
 
               01.04.2018 01.01.2018 01.10.2017 01.07.2017 
 
Capital adequacy ratios, unconsolidated: 
                        Halyk Bank 
K1-1             21.7%      21.5%      20.2%      22.1% 
K1-2             21.7%      21.5%      20.2%      22.1% 
K2               21.6%      21.4%      20.1%      22.1% 
 
                     Kazkommertsbank 
K1-1             21.3%      18.0%      13.1% 
K1-2             21.3%      19.9%      15.0% 
K2               28.9%      26.9%      10.3% 
 
Capital adequacy ratios, consolidated: 
CET              18.1%      16.9%      15.4%      21.6% 
Tier 1 capital   18.1%      16.9%      15.8%      21.6% 
Tier 2 capital   20.0%      18.9%      17.8%      21.6% 
 
   *minimum capital adequacy requirements: k1 - 9.5%, k1-2 - 10.5% and k2 - 
    12.0%, including conservation buffer of 3% and systemic buffer of 1% for 
            each of these ratios. 
 
The condensed interim consolidated financial information for the three 
months ended 31 March 2018, including the notes attached thereto, are 
available on Halyk Bank's website: 
https://halykbank.kz/investoram/ifrs_reports2 [1]. 
 
  A 1Q 2018 results webcast will be hosted at 2:00 p.m. GMT/9:00 a.m. EST on 
            Monday, 21 May 2018: 
    http://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=5615 [2] 
 
            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 and on the London Stock 
            Exchange since 2006. 
 
In July 2017, the Bank purchased majority stake in Kazkommertsbank JSC - the 
            second largest Bank in Kazakhstan by total assets. 
 
 With total assets of KZT 8,411.9 billion as at 31 March 2018, Halyk Bank is 
     Kazakhstan's leading lender. The Bank has the largest customer base and 
        broadest branch network in Kazakhstan, with 688 branches and outlets 
 (including 206 branches and outlets of Kazkommertsbank) across the country. 
       The Bank also operates in Georgia, Kyrgyzstan, Russia and Tajikistan. 
 
   For more information on Halyk Bank, please visit https://www.halykbank.kz 
            [3] 
 
      - ENDS- 
 
For further information, please contact: 
 
Halyk Bank 
 
Murat Koshenov   +7 727 259 07 95 
Mira Kasenova    +7 727 259 04 30 
Yelena Perekhoda +7 727 330 17 19 
 
ISIN:          US46627J3023 
Category Code: MSCM 
TIDM:          HSBK 
Sequence No.:  5568 
EQS News ID:   687855 
 
End of Announcement EQS News Service 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=7f893bcd2b8dad6c6458b771f8007be0&application_id=687855&site_id=vwd&application_name=news 
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c6f9ee4ba66968bc33bc754c62ea3b68&application_id=687855&site_id=vwd&application_name=news 
3: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=4730ea9b4fc003a3688c4d47ac583595&application_id=687855&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

May 18, 2018 11:43 ET (15:43 GMT)

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