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Halyk Bank of Kazakhstan JSC KZT

Halyk Bank is Kazakhstan’s largest universal bank, serving retail, SME and corporate clients with lending, deposits and payments.

At a glance: strengths & risks
✓Strong ROE (30%)✓Book value growing (+14%)✗Profit falling (-15% y/y, H1 2026)✗Pricier than own history (P/E 4.0 vs avg 0.3)

Sector: Banks

HALYK

Price chart

371.51 KZTDay —

Key metrics

Market

Price
371.51 KZT
Market cap
4054.7 bn KZT

Growth

Δ NII y/y
2.6%
Δ net profit y/y
-15.3%

Multiples

P/E (LTM)
4.0x
3y avg: 0.3x
P/B (FY)
1.2x
3y avg: 0.1x
P/E (ann.)
4.5x

Returns

Dividend yield
15.7%
ROE (annualized)
24.2%
ROI (ROE ÷ P/B)
20.9%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+23.2%
↓ details

Liquidity

Daily turnover (KASE)
2 231

Shares: connector/market_inputs

Financial results

Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusNet interest incomeB KZTNet profitB KZTAssetsB KZTEquityB KZTROE (annualized)Source
2026-06-30Q2 2026 (3M)OK324.3
y/y 2.6%
212.8
y/y -15.3%
22036.3
y/y 12.3%
3643.1
y/y 14.2%
24.2%Report (PDF)
2026-03-31Q1 2026 (3M)OK333.4
y/y 2.3%
234.8
y/y -14.6%
21195.6
y/y 12.4%
3740.9
y/y 14.0%
25.9%Report (PDF)
2025-12-31Q4 2025 (3M)PARTIAL319.5
y/y 5.0%
248.5
y/y -11.9%
20908.5
y/y 12.7%
3500.4
y/y 14.1%
31.2%Report (PDF)
2025-09-30Q3 2025 (3M)OK-313.2
y/y 12.1%
-247.3
y/y 8.3%
20410.3
y/y 15.6%
3278.6
y/y 13.9%
34.8%Report (PDF)
2025-06-30Q2 2025 (3M)OK314.9
y/y 25.3%
253.6
y/y 39.4%
19615.7
y/y 17.1%
3190.4
y/y 23.8%
32.7%Report (PDF)
2025-03-31Q1 2025 (3M)OK325.9
y/y 28.2%
275.0
y/y 54.5%
18855.9
y/y 18.5%
3281.6
y/y 23.2%
34.6%Report (PDF)
2024-12-31Q4 2024 (3M)OK304.4
y/y -28.1%
282.2
y/y -14.0%
18548.4
y/y 19.7%
3068.0
y/y 23.9%
31.0%Report (PDF)
2024-09-30Q3 2024 (3M)OK-219.0
y/y 33.8%
-119.4
y/y 50.9%
17650.1
y/y 23.9%
2879.3
y/y 32.0%
38.1%Report (PDF)
2024-06-30Q2 2024 (3M)OK257.0
y/y 32.1%
201.1
y/y 3.8%
16749.9
y/y 17.6%
2576.6
y/y 27.7%
28.9%Report (PDF)
2024-03-31Q1 2024 (3M)OK254.2
y/y 32.4%
178.0
y/y -5.4%
15910.9
y/y 12.5%
2664.5
y/y 25.9%
27.7%Report (PDF)
2023-12-31Q4 2023 (3M)OK423.6
y/y —
328.3
y/y —
15494.4
y/y —
2477.0
y/y —
29.8%Report (PDF)
2023-09-30Q3 2023 (3M)OK-168.5
y/y —
-193.0
y/y —
14249.6
y/y —
2181.3
y/y —
32.8%Report (PDF)
2023-06-30Q2 2023 (3M)OK194.8
y/y —
177.0
y/y —
14241.5
y/y —
2017.3
y/y —
35.3%Link
2023-03-31Q1 2023 (3M)OK192.1
y/y —
188.2
y/y —
14142.8
y/y —
2116.3
y/y —
—Report (PDF)

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Monthly statistics (bank charter, NBK)

<div class='muted' style='font-size:.72rem;line-height:1.2'><span style='color:#166534'>+17.8% y/y</span> · 84.5 bln mo <span style='color:#991b1b'>-5.5%</span></div> source: NBK

Bank potential breakdown (Return per share)
ReportedForecastMonthly ×12
Reporting periodH1 2026
RAS profit, quarter months
Jan 2026 70.6 bln
Feb 2026 72.5 bln
Mar 2026 67.0 bln
Apr 2026 99.0 bln
May 2026 89.2 bln
Jun 2026 65.3 bln
Jan 2026 70.6 bln
Feb 2026 72.5 bln
Mar 2026 67.0 bln
Apr 2026 99.0 bln
May 2026 89.2 bln
Jun 2026 65.3 bln
RAS profit, following months
Jul 2026 75.6 bln
Aug 2026 76.2 bln
Sep 2026 79.0 bln
Forecast profit change (×1.04)+4%
Annualised profit, mln RUB895.1 bln934.9 bln947.5 bln
Book (equity)3.6 trn3.6 trn3.6 trn
ROE (annualised)25%26%26%
Price / Book1.11x1.11x1.11x
Potential [ROE / P/B]+22%+23%+23%
Card headline: avg of Forecast & Monthly+23%

Potential = annualised net profit / market cap (= ROE / P/B). 'Reported' is the last IFRS quarter annualised; 'Forecast' adjusts it for seasonality from the latest monthly RAS data (multiplier X = profit of the most recent months / profit of the quarter's months); 'Monthly ×12' annualises the latest RAS month. RAS = parent bank charter, IFRS = group; the bases differ, so the forecast is a momentum indicator.

PeriodNet profit (YTD)
Sep 2026694.3 bln
-4.5% y/y · 79.0 bln mo +4.9%
Aug 2026615.3 bln
-5.6% y/y · 76.2 bln mo -3.5%
Jul 2026539.1 bln
-5.9% y/y · 75.6 bln mo -23.7%
Jun 2026463.6 bln
-2.2% y/y · 65.3 bln mo +7.1%
May 2026398.3 bln
-3.6% y/y · 89.2 bln mo +13.1%
Apr 2026309.1 bln
-7.5% y/y · 99.0 bln mo +13.8%
Mar 2026210.1 bln
-15.0% y/y · 67.0 bln mo -19.1%
Feb 2026143.1 bln
-12.9% y/y · 72.5 bln mo -10.4%
Jan 202670.6 bln
-15.3% y/y · 70.6 bln mo -15.3%
Dec 2025976.9 bln
+15.6% y/y · 80.0 bln mo +55.2%
Nov 2025896.9 bln
+13.1% y/y · 85.3 bln mo -18.0%
Oct 2025811.6 bln
+17.8% y/y · 84.5 bln mo -5.5%

Balance sheet & asset quality (NBK, bank-only)

Period-end balances and loan-book quality from the National Bank of Kazakhstan per-bank return (bank-only, pre-consolidation, not IFRS).

PeriodTotal assetsGross loansNPL 90+, % of loansStage 3, % of loans
Sep 202621.7 trn
+9.6% y/y
13.9 trn
+7.5% y/y
4.1%8.3%
Aug 202621.5 trn
+10.8% y/y
13.9 trn
+11.1% y/y
4.3%8.1%
Jul 202621.5 trn
+11.5% y/y
13.5 trn
+8.4% y/y
4.7%8.3%
Jun 202621.2 trn
+10.5% y/y
13.4 trn
+8.9% y/y
4.6%7.5%
May 202621.0 trn
+12.9% y/y
13.2 trn
+10.7% y/y
4.7%7.5%
Apr 202620.6 trn
+11.0% y/y
13.0 trn
+9.8% y/y
4.6%7.4%
Mar 202620.4 trn
+11.7% y/y
12.9 trn
+10.2% y/y
4.3%7.2%
Feb 202620.3 trn
+11.4% y/y
12.9 trn
+11.1% y/y
4.2%7.2%
Jan 202620.3 trn
+12.5% y/y
13.1 trn
+13.3% y/y
4.1%6.9%
Dec 202520.3 trn
+13.0% y/y
13.2 trn
+12.7% y/y
3.8%6.6%
Nov 202519.9 trn
+14.2% y/y
12.9 trn
+16.1% y/y
3.4%7.1%
Oct 202519.8 trn
+13.9% y/y
13.0 trn
+21.3% y/y
2.8%7.1%

Peer comparison

Group: Banks. Each peer is shown as it trades and re-priced onto this company's market (Kazakhstan) by the ratio of our coverage medians.

CompanyMarketCap, $bnP/EP/E, adjusted
State Bank of IndiaIndia107.011.1x3.7x
Emirates NBDUAE60.39.2x5.8x
HDFC BankIndia133.817.8x6.0x
Abu Dhabi Commercial BankUAE38.010.2x6.4x
ICICI BankIndia121.919.3x6.5x
First Abu Dhabi BankUAE62.510.6x6.7x
KB Financial GroupKorea40.18.5x8.2x
Bank Central AsiaIndonesia37.011.6x15.3x
Capitec BankSouth Africa34.333.8x28.9x
Royal Bank of CanadaCanada282.519.7x—
Mitsubishi UFJ Financial GroupJapan247.314.6x—
Bank of Nova ScotiaCanada114.921.0x—
Group median13.1x6.5x
Group average15.6x9.7x
This companyKazakhstan9.14.0x4.0x

Group median 13.1x as traded, 6.5x adjusted; this company 4.0x — a 39% discount.

Group average 15.6x as traded, 9.7x adjusted; against the average this company is at a 59% discount. The average sits 50% above the median: Capitec Bank (28.9x) skews the group.

At the adjusted group median the market cap would be +63% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 26.4x, Russia 6.4x, South Africa 11.1x, Kazakhstan 9.5x, India 28.3x, Indonesia 7.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-12; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-252.4373 USDEx-dividend: 2.4373 USD per sharePaidYahoo Finance (ex-div)
2026-04-292.5898 USDEx-dividend: 2.5898 USD per sharePaidYahoo Finance (ex-div)
2025-09-221.5354 USDEx-dividend: 1.5354 USD per sharePaidYahoo Finance (ex-div)
2025-05-022.3044 USDEx-dividend: 2.3044 USD per sharePaidYahoo Finance (ex-div)
2024-12-120.7291 USDEx-dividend: 0.7291 USD per sharePaidYahoo Finance (ex-div)
2024-05-142.2589 USDEx-dividend: 2.2589 USD per sharePaidYahoo Finance (ex-div)
2023-05-302.251 USDEx-dividend: 2.251 USD per sharePaidYahoo Finance (ex-div)
2022-10-241.0794 USDEx-dividend: 1.0794 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://halykbank.com/results-and-presentations

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B), profitability and dividend yield of Halyk Bank of Kazakhstan JSC — from primary filings.

Frequently asked questions

What is Halyk Bank of Kazakhstan JSC's P/E ratio?
Halyk Bank of Kazakhstan JSC trades at a P/E of 4.0x (price to trailing 12-month earnings).
What is Halyk Bank of Kazakhstan JSC's P/B ratio?
Halyk Bank of Kazakhstan JSC trades at a P/B of 1.2x.
What is Halyk Bank of Kazakhstan JSC's dividend yield?
Halyk Bank of Kazakhstan JSC's trailing 12-month dividend yield is 15.7%.
What is Halyk Bank of Kazakhstan JSC's return on equity (ROE)?
Halyk Bank of Kazakhstan JSC's ROE is 24.2%.
What is Halyk Bank of Kazakhstan JSC's market capitalization?
Halyk Bank of Kazakhstan JSC's market cap is 4054.7 bn KZT.

See also: The Cheapest Bank Stocks in the World (2026): Where Global Banks Trade Below Book · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map