Baku, Azerbaijan, March 17
By Elena Kosolapova - Trend: Kazakh Halyk Bank and its subsidiaries increased their net income by 58 percent to 114.4 billion tenge (185.35 tenge = $1) in 2014 compared to 2013, the bank reported on March 17.
The group's net interest income increased by 24.9 percent to 133.1 billion tenge.
Net interest income growth occurred mainly on the back of improved net interest margin, the bank said. Net interest margin increased from 4.9 percent in 2013 to 5.8 percent in 2014.
The bank's assets increased by 12.1 percent to 2.809 trillion tenge in the reporting period. Total equity increased by 21.2 percent to 475.2 billion tenge.
The ratio of nonperforming loans overdue by 90 days and more decreased from 18 percent as of the end of 2013 to 12.9 percent as of the end of 2014. Return on average equity increased from 20.8 percent in 2013 to 27.1 percent in 2014. Return on average assets increased from 2.9 percent in 2013 to 2.9 percent in 2014.
Halyk Bank is a leading financial group and the largest retail bank in Kazakhstan.
The main shareholder of the bank is the ALMEX holding group controlled by the daughter of the Kazakh President Dinara Nazarbayeva and her husband Timur Kulibayev.
Edited by S.I.
Follow the author on Twitter: @E_Kosolapova
