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Kazakhstan|business|May 22, 2015 / 09:54 AM
Kazakhstan's Halyk Bank Q1 net income falls 29%

AKIPRESS.COM - baiterek Halyk Bank , Kazakhstan's second-largest lender by assets, said on Thursday its first-quarter net profit fell 29 percent year on year to 26.97 billion tenge ($145 million).

Halyk, the Central Asian nation's most profitable bank, said its net interest margin -- an indicator of a bank's efficiency -- rose to 6.6 percent in the first quarter from 5.6 percent in the same period of 2014.

Operating expenses increased by 16.6 percent in January-March 2015 versus the first quarter of last year, mainly due to an increase in salaries of Halyk's employees, reports Reuters.

Total assets decreased by 0.8 percent compared to the end of last year. Net loans to customers grew by 1.4 percent year on year in the first quarter.

Halyk's largest single shareholder is Almex, a holding company owned by Kazakh President Nursultan Nazarbayev's middle daughter Dinara and her entrepreneur husband Timur Kulibayev.

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