Halyk Bank is the leading financial group in Kazakhstan with a diversified presence across retail, SME and corporate banking, as well as insurance, leasing, brokerage, asset management and lifestyle services. It serves its clients through well-developed digital channels and a physical network.
We highlight four reasons why Halyk Bank represents an interesting investment case.
1. Kazakhstan is an important frontier market.
Kazakhstan has a population of more than 20 million and is the largest economy in Central Asia, supported by its abundant natural resources (most notably hydrocarbons) and a large territory, strategically located as a gateway between China, Europe and the Middle East. Over the 10 years to 2024, real GDP growth in Kazakhstan averaged close to 3% per year, growing over several years at a rate of 4% and more. More recently, it saw strong GDP growth of 6.5% in 2025, supported by rising oil output and robust performances from non-oil sectors. Kazakhstan’s structural economic growth is assisted by favourable demographics, with a median population age of around 32 (compared to close to 45 in the European Union), a growing population, a large middle class and strong employment levels.
2. Halyk Bank is the largest player in Kazakhstan by total assets.
Halyk is Kazakhstan’s largest bank by assets and the leading commercial-bank lender to the real economy, accounting for close to half of financing to legal entities and individual entrepreneurs, excluding financial institutions and non-residents. It serves 86% of the country’s largest taxpayers, excluding financial institutions, and holds around 30% of legal-entity deposits. Halyk also has more than 11.5 million active retail clients. Its scale supports a predominantly customer deposit-funded balance sheet. Although its foreign operations remain relatively modest, Halyk sees Uzbekistan as an important growth opportunity through its wholly owned local banking subsidiary, Tenge Bank, direct investment and cross-border financing.
3. Halyk Bank is highly profitable.
Halyk combines return on average equity well above 20%, supported by a healthy net interest margin, with strong cost discipline evidenced by a cost-to-income ratio of around 20%, and substantial capital buffers. Its cost of risk has recently been somewhat elevated, partly reflecting the extended moratorium on sales of problem retail loans to collection agencies, but remains within management’s expectations. Halyk’s current dividend policy provides for the distribution of between 50% and 100% of consolidated net profit, which has translated into a double-digit dividend yield in recent years.
4. Halyk Bank has successfully rolled out its digital ecosystem.
Halyk has invested extensively in the Halyk Super-App, which combines retail banking, insurance and brokerage with services such as online shopping, dining through Halyk Restaurants, travel and entertainment bookings, mobility and access to government services, while the Halyk Plus loyalty programme rewards customers for their everyday activity with the bank. These offerings are designed to deepen customer engagement and support the cross-selling of payments, lending and insurance products. Onlinebank provides a similarly broad range of banking and non-financial services to business customers, while Halyk’s digital bid and performance bonds support its leading position in trade finance. OnlineDuken is a B2B2C service, connecting large distributors with small retail shops, allowing the bank to capture the entire transaction flow and to receive more data and sales opportunities. OnlineDuken further strengthens Halyk’s ecosystem by connecting convenience stores and distributors for ordering, delivery and payment, generating additional transaction flows and reinforcing the links between Halyk’s B2C and B2B clients.
Published 3 November 2026
