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Equity Bottom-Up

Halyk Savings Bank of Kazakhstan / Equity Bottom-Up

<p>Halyk Bank is a leading financial services group in Kazakhstan and Central Asia, as well as the largest local bank by assets, and has been successfully rolling out its B2C and B2B digital offering in recent years. Halyk has consistently delivered a return on equity (ROE) of 30%+, with 34.7% in Q125. High profitability, coupled with a sound capital base (a CET-1 ratio of 19.3% at end-March 2025), allows Halyk to distribute an attractive dividend, with its last 12-month payment implying a c 13% yield at the current share price. Halyk also offers the prospect of continued double-digit loan book expansion assisting further medium-term EPS growth, despite an expected net interest margin decline from the strong c 7.5% in Q125.</p>

Halyk Bank is a leading financial services group in Kazakhstan and Central Asia, as well as the largest local bank by assets, and has been successfully rolling out its B2C and B2B digital offering in recent years. Halyk has consistently delivered a return on equity (ROE) of 30%+, with 34.7% in Q125. High profitability, coupled with a sound capital base (a CET-1 ratio of 19.3% at end-March 2025), allows Halyk to distribute an attractive dividend, with its last 12-month payment implying a c 13% yield at the current share price. Halyk also offers the prospect of continued double-digit loan book expansion assisting further medium-term EPS growth, despite an expected net interest margin decline from the strong c 7.5% in Q125.

Halyk Bank — Leading Central Asian player with a 30%+ ROE

Kazakhstan

Halyk Savings Bank of Kazakhstan JSC provides various commercial and retail banking services. The Bank offers foreign currency exchange services, securities brokerage, and custodial services.

Halyk Savings Bank of Kazakhstan (HSBK LI)

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Halyk Bank — Leading Central Asian player with a 30%+ ROE

Halyk Bank is a leading financial services group in Kazakhstan and Central Asia, as well as the largest local bank by assets, and has been...

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