S&P Global Ratings on September 4 upgraded its outlook on JSC Halyk Bank to positive from stable, while affirming the bank's long-term issuer credit rating at BBB-/A-3.
The revision follows S&P's August 21 upgrade of Kazakhstan's sovereign ratings to BBB/A-2, which the agency attributed to resilient economic growth and fiscal consolidation. S&P also raised Kazakhstan's Banking Industry Country Risk Assessment from 7 to 6, with a stable industry risk trend, driven by improvements in the country's banking regulatory and supervisory framework.
S&P pointed to actions by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, including regular asset quality reviews, supervisory review and evaluation process practices, and risk-appetite-limiting measures, as key factors behind the improved outlook.
Halyk Bank holds an estimated 30% market share in Kazakhstan in terms of loans and deposits. Total assets stood at KZT 22,036 billion as of June 30, 2026. The bank operates 530 branches and service outlets across Kazakhstan, along with operations in Georgia and Uzbekistan.
Looking ahead, S&P expects the bank to maintain capital adequacy levels and keep the cost of risk contained below 1.5%, with stage 3 loans projected to decline below 7% over 2027–2028. Macroeconomic risks are expected to ease through gradually decelerating inflation, lower policy rates by the National Bank of Kazakhstan, and sustained economic growth.
