"Открытие Капитал": Halyk Bank: 3Q11 in line // ДЕРЖАТЬ
23 ноября 2011 года
3Q11 results largely in line with expectations, bottom line impacted by pension fee reserves. Halyk’s net interest income, transactional fee income, operating costs, and provisions showed a marginal beat. However, a reserve of performance fees against investment losses from the bank’s pension fund (KZT 6.2bn) in 3Q11 erased much of those gains. Consequently, net profit (KZT 7.0bn) was down 33% QoQ and 3% below our estimates (See Figure 3 on p.2). However, management stated that these reserves had already been nearly recovered early in 4Q11.
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