THROUGHOUT THE MINI-MELTDOWN of Kazakhstan’s banking sector, just one institution has escaped largely unscathed. Halyk Bank has thrived while others, notably local rivals BTA and Kazkommertsbank, have faltered over the past year. Halyk’s shares have slipped recently – thanks in part to underwhelming first-quarter 2008 earnings in a troubled market – but it remains a favourite among analysts, with buy ratings from Kazakhstan’s Visor Capital and Moscow’s Renaissance Capital. Halyk is still the only local lender to have issued a Eurobond this year: its $500 million, five-and-a-half-year issuance in April 2008 was the first such offering in nine months, and the only Kazakh-overseas debt sale this year. In 2007, the bank posted a 49% rise in net income, to $336 million. During the third and fourth quarter of 2007, it was one of the only Kazakh banks still disbursing loans while the market contracted.
Behind Halyk’s rise lies...
You must be a subscriber to access this archived content.
If your subscription includes access to the archive, please log in now to view.
To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
- 12 months access in print and online - on euromoney.com, read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 1996
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe