Halyk Bank presented its first-half 2026 results on August 18, 2026, revealing a challenging period marked by regulatory headwinds and margin compression. Despite these pressures, the Kazakh banking giant demonstrated resilience in core lending activities and continued to dominate Kazakhstan's banking landscape.
The bank's net interest margin decreased to 6.8% from 7.3% a year earlier, primarily due to higher reserve requirements, tighter retail lending regulations, and rising deposit costs. However, Halyk maintained its market shares in retail deposits (26%) and corporate lending (47%), with gross loans growing 13.2% year-over-year.
Halyk's digital ecosystem continued its impressive growth trajectory, with its Super-App recording 8.6 million monthly active users, 2.8 million daily active users, and 6.1 million monthly transactional users. The platform processed 234.7 million payments and transfers in the first half, up 8.1% year-over-year.
The bank's active salary card penetration reached 39.3% of the country's employed population, providing a stable foundation for cross-selling financial products and services. Digital adoption rates remained exceptionally high, with 95% of new deposits opened digitally and 88% of retail loans issued through digital channels.
Digital Strength Amid Regulatory Pressures
Halyk's digital ecosystem demonstrated impressive growth, with its Super-App and Onlinebank platforms processing significant transaction volumes and expanding their user bases.
Regulatory Challenges
Halyk faced regulatory headwinds, including higher reserve requirements, tighter retail lending regulations, and rising deposit costs, which impacted its net interest margin and profitability.
Market Leadership
Despite regulatory pressures, Halyk maintained its market shares in retail deposits and corporate lending, and continued to dominate Kazakhstan's banking landscape.
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