Kazakhstan's Halyk Bank posts 5.4pc rise in 2020 profit

ALMATY: Kazakhstan's Halyk Bank on Friday reported its 2020 net profit rose to 352.7 billion tenge ($842 million) from 334.5 billion a year earlier on higher net insurance income and gains on derivative operations and securities.

Its fourth-quarter profit jumped to 108.0 billion tenge from 83.1 billion a year earlier.

Increase in interest income on loans to customers was partly offset by lower interest income on securities as the bank's $912 million foreign exchange swap deal with the central bank ended and it moved some funds from high-yielding tenge assets into low-yielding foreign-currency deposits, Halyk said.

Kazakhstan's biggest lender by assets said its management would discuss the results with analysts on March 15.