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Annual Report 2011

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Annual Report 2011 2011 ANNUAL REPORT Content: 1. At-a-glance ........................................................................................... 4 2. Statement of the Chairman ................................................................ 8 3. Statement of the Chief Executive Officer ..........................................10 4. Board of Directors ..............................................................................12 5. Management Board ..........................................................................16 6. Key events 2011 ...............................................................................20 7. Macroeconomic environment and banking sector of the Republic of Kazakhstan ..........................................................23 8. Financial review .................................................................................26 9. Business review ................................................................................30 10. Risk management ...........................................................................34 11. Social report ....................................................................................42 12. Corporate governance statement ..................................................45 13. Responsibility statement .................................................................58 14. Consolidated financial statements, Notes to the consolidated financial statements ............................59 15. Information for shareholders .......................................................146 4 ANNUAL REPORT At- a- Glance Financial highlights 2011 2010 Indicator KZTm US$m KZTm US$m Total assets 2,273,930 15,323 2,097,935 14,223 Total equity 310,327 2,091 317,884 2,155 Customer loans, net 1,184,240 7,980 1,089,273 7,385 Amounts due to customers 1,557,476 10,495 1,415,755 9,598 Net interest income 48,117 324 43,608 296 Fees and commissions, net 35,254 238 29,972 203 Net income 39,508 266 36,216 246 2011 2010 Indicator % % Return on average common equity 12.3 11.8 Return on average assets 1.8 1.7 Net interest margin 4.4 4.8 Net interest spread 4.2 4.5 Cost to income ratio 34.2 32.4 Cost to assets ratio 2.1 2.1 Tier 1 Capital Adequacy ratio (BIS guidelines) 16.7 17.3 Total Capital Adequacy ratio (BIS guidelines) 19.1 20.5 JSC HALYK BANK 5 Number of customers/accounts Indicator 2011 2010 Retail accounts: millions 5.8 5.2 Corporate clients 1,695 1 835 SME clients 62,483 69 455 Cards: millions 3.16 3.0 Retail loans: millions 0.44 0.44 Mortgage loans 25,077 27,844 Salary-backed consumer loans: millions 0.4 0.4 Other consumer loans 19,448 23,666 Payroll project customers: millions 2.0 2.1 Payroll project entities, including government entities 17,177 16,232 Pension Fund customers: thousands 2,266 2,259 Distribution network JSC “Halyk Bank” Kazakhinstrakh Halyk Pension Fund 589 outlets, including: 18 branches 191 outlets, including 22 regional branches 228 sales outlets 13 territorial offices 122 district branches 1,135 agents 69 service centres 490 limited service branches 109 servicing outlets 4 VIP-centres 18 branches 50 personal service centres 1 “All for Small business” Financial centre 1,789 ATMs 5,234 POS-terminals 591 multikiosks Number of employees of Halyk Group as at 31 December 2011 – 11,958 6 ANNUAL REPORT Structure of Halyk Group JSC «Halyk Bank» Full service commercial bank 100% 100% 100% 100% NBK Bank, Russia Halyk Bank Halyk Bank Georgia Halyk Finance (corporate & SME Kyrgyzstan (SME & (corporate & SME (brokerage and AM) bank) retail bank) bank) 100% 100% 99% 96% Halyk Pension Fund Halyk Leasing Halyk Life (life Kazakhinstrakh (pension fund and (leasing activity) insurance) (general insurance) AM) Ratings Agency Long-term Moody’s Investor Services Ba2 Fitch Ratings BB- Standard&Poor’s BB JSC HALYK BANK 7 Shareholders of the Bank holding not less than 5% of total shares issued as at 1 January 2012*: Common Total shares shares owned as owned as % Preferred shares Pref. shares % of total Common shares of authorised owned (NIN owned as % Total number of shares owned (NIN common KZ1P33870117, of total pref. № Name shares owned issued KZ1C33870011) shares issued KZ1P33870216) shares issued 1 JSC “Holding Group “ALMEX” 755,997,382 51.96% 755,997,382 69.40% - - Joint-stock company 2 “Sovereign Wealth Fund 196,323,499 13.49% - - 196,232,499 53.67% “Samruk-Kazyna” JSC Accumulative Pension 3 162,851,804 11.19% 66,136,771 6.07% 96,715,033 26.45% Fund of Halyk Bank held through GDR program 4 (ISIN: US46627J3023, 250,242,684 17.20% 250,242,684 22.97% - - US46627J2033) 5 Total issued 1,698,500,612 - 1,308,415,960 - 390,084,652 - held as treasury stock by the 6 (217,272,121) - (217,272,121) - - Bank 7 held by group companies (26,239,252) - (1,805,041) - (24,434,211) - Total outstanding (on 8 1,454,989,239 - 1,089,338,798 - 365,650,441 - consolidated basis) JSC “Holding Group “ALMEX” (“Almex”) cilitate competitiveness and stabil- largest number of customers among is a holding company, which, in addi- ity in the Kazakhstan economy and to pension funds in Kazakhstan. The tion to its controlling interest in the prevent negative developments in the main activity is collecting pension Bank, has interest in AON Kazakhstan international markets from impacting contributions and pension asset man- LLP, a company engaged in insurance economic growth in Kazakhstan. agement. Halyk Pension Fund insures brokerage activities, and in JSC “Ka- safety and real growth of pension sav- zakh-Austrian Joint enterprise “Ra- JSC Accumulative Pension Fund of ings by proving services in accordance khat”. Halyk Bank (“Halyk Pension Fund”) is with international standards. a leading pension fund in the Republic Joint-stock company “Sovereign of Kazakhstan which was established As at 1 January 2012 none of the Wealth Fund “Samruk-Kazyna (”Sam- in January 1998. Halyk Pension Fund members of the Board of Directors ruk-Kazyna”) is the Government’s holds the largest market share by as- or of the Management Board owned national welfare fund, created to fa- sets under management and has the shares in the Bank. * Shares of the Bank have been listed on the Kazakhstan Stock Exchange since 1998 and common shares in the form of global depositary receipts on the London Stock Exchange since December 2006. 8 ANNUAL REPORT Statement of the Chairman Dear shareholders, Acknowledging the significance of our financial institution for the Kazakh- The year of 2011 can be deemed as stan economy, we continue to increase the year of the Kazakhstan economy financing for the large, country-wise recovery after the world financial cri- strategically important projects of the sis of 2007-2009. The gross domestic real sector. product of the country grew by 7.5%, population employment has been im- We in any possible way support the proving, and intensive implementa- national undertakings aimed at devel- tion of the governmental program for opment of the economic activities of accelerated innovative-industrial de- the population, we extend our partici- velopment of the country commenced. pation in the governmental programs Halyk Bank which remained the most for small and medium enterprises sup- reliable and efficiently developing fi- port, we actively assist in formation nancial institution, actively contribut- and development of the entrepreneur- ed to the crisis overrun and the further ial sector. And our branches network economic growth. the widest among the commercial banks, which covers all regions of the In March 2011 we early bought-back Republic. common shares of the Bank which were previously acquired by “Samruk- We keep the leading positions in the Kazyna” within the anti-crisis actions retail segment proposing our clients of the Government. Thus, we refunded new programs and products, we en- the governmental money given for sure timely payments of pensions and support of the banking sector during social allowances via our numerous the crisis. cash offices. JSC HALYK BANK 9 We work on increasing recognition of During the 2007-2009 financial crisis, day-to-day basis, and our sharehold- Halyk Group brand, we improve the Halyk Bank proved to be the most sta- ers contribute to these activities. quality and culture of services, we im- ble financial institution in Kazakhstan. plement the most sophisticated bank- And we intend to continue our policy At the same time, we do not forget about ing technologies. aimed at growing confidence to our the corporate social responsibility. As Bank, first of all among mere people. such, in 2011 we financed social pro- The Board of Halyk Bank pays signifi- This goal is even more important in the jects for the total amount of over 138 cant attention to the strategic devel- light of global economic changes and million tenge. This includes support of opment of the Bank in particular and potential threats. the sponsored orphanages and disa- the Group as a whole. We identified bled persons clinics, talented students, the new priorities in the development We continuously work on improving veteran and medical organizations, im- strategy of the Bank and the Group, qualifications of the Board and the provement of interest to sports among updated our understanding of the for- Management, as well as on the right the population including sponsorship eign assets of the Group, we analyze balance in these bodies’ composi- of the 7th Winter Asian Games, the Ka- and control the state of our non-per- tions. A wide outlook and joint expe- zakhstan Gymnastics Federation, and forming loans portfolio. rience of our team in various
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