Halyk Bank shares rise to multi-year high

Halyk Bank shares have reached a multi-year high on the Kazakhstan Stock Exchange (KASE), peaking at 304.88 tenge ($0.61). At the time of publication, the shares were trading at 299.43 tenge ($0.59) per share.

This marks the highest level since February 2011, when Halyk Bank shares were traded on KASE at 435 tenge ($0.86). At the same time, several financial publications and Telegram channels, including the Qazaq Association of Minority Shareholders (QAMS) channel, referred to the current figure as a historical record for the issuer.

Freedom Broker analysts also highlighted the rise in Halyk Bank’s share price in their daily stock market review. According to them, this growth is driven by the bank’s «strong» annual financial report, which shows a nearly one-third increase in net profit, reaching $1.8 billion. Additionally, the bank may distribute up to $641 million in dividends, amounting to approximately 35% of its net profit. Freedom Broker has raised its target price for the shares to 365 tenge ($0.72), up from 265 tenge ($0.53) in August last year, indicating a potential 22% growth relative to current market levels.

Meanwhile, Halyk Bank’s global depositary receipts (GDRs) on the London Stock Exchange (LSE) saw a 1.1% decline compared to their March 28 levels, falling to $24.45.