BAKU, Azerbaijan, September 15. International rating agency Fitch Ratings has affirmed Halyk Bank's Long-Term Foreign- and Local-Currency Issuer Default Ratings at 'BBB-' with a Stable Outlook, the bank said.
Fitch also affirmed Halyk Bank's Viability Rating at 'bbb-' and its National Long-Term Rating at 'AA+(kaz)'.
"Fitch Ratings highlights that Halyk Bank's strong market shares in Kazakhstan's banking sector, its profitability, adequate capitalisation and solid liquidity are the key factors supporting the rating. According to the Agency, the Stable Outlook reflects its view that Halyk's credit metrics will remain strong in the medium term", the bank said.
The agency noted that Halyk Bank holds about 29%-30% of Kazakhstan's banking market in terms of assets, loans and deposits. Fitch also highlighted the bank's established business model and strong position in corporate and retail lending, supporting its profitability through the cycle.
The bank's loan portfolio has a balanced structure, with corporate lending accounting for about half of gross loans, while retail lending accounts for 34% and SME lending for 17%. According to Fitch, single-name concentrations are mitigated by the reasonable quality of the largest exposures and sound coverage by hard collateral.
Fitch expects Halyk Bank to maintain its profitability in 2026-2027, supported by a consistently high net interest margin, which stood at 6.9% in the first half of 2026 on an annualized basis, strong operating efficiency and a moderate cost of risk.
The agency noted that Halyk Bank's operating profit to risk-weighted assets ratio averaged 6.7% over the past four years.
Fitch also assessed the bank's capital position as robust. Halyk Bank's common equity Tier 1 (CET1) ratio stood at 19% at the end of the first half of 2026, in line with its four-year average, supported by strong internal capital generation, moderate growth and a reasonable dividend policy.
The agency expects the bank's CET1 ratio to remain at 18%-19% in 2026-2027.
Halyk Bank is primarily funded by stable customer deposits, which accounted for 85% of non-equity funding. The bank's loans-to-deposits ratio stood at 94%, while its liquidity buffer covered 27% of total non-equity funding at the end of the first half of 2026.
"The affirmation of Halyk’s credit ratings by Fitch Ratings reflects the resilience of the Bank’s business model and its strong position in Kazakhstan’s banking sector. The maintenance of the high ratings demonstrates Halyk’s financial strength, the quality of its loan portfolio and the Bank’s ability to maintain stable financial performance amid changing economic conditions," the bank said.
Halyk Bank had total assets of 22.036 trillion tenge as of June 30, 2026, making it the largest lender in Kazakhstan.
The bank has been listed on the Kazakhstan Stock Exchange since 1998, the London Stock Exchange since 2006 and the Astana International Exchange since 2019. It operates in Kazakhstan, Georgia and Uzbekistan and has 530 branches and service outlets across the country.
