August 22, 2018 / 6:08 AM / 3 months ago

UPDATE 1-Kazakhstan's Halyk Bank raises 2018 profit outlook

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ALMATY, Aug 22 (Reuters) - Halyk Bank , Kazakhstan’s largest lender by assets, on Wednesday raised its 2018 profit guidance to more than 214 billion tenge ($592 million) from 207 billion tenge.

Halyk Chief Executive Umut Shayakhmetova, who announced the forecast at a briefing, said the bank expected faster loan book growth, higher interest income and positive impact from loan recoveries.

Halyk posted a 40 percent year-on-year plunge in second-quarter profit this week, which Shayakhmetova said was largely due to one-off expenses from the recognition of losses at KKB, another lender which Halyk has taken over.

Last year, London-listed Halyk reported a profit of 173.4 billion tenge. (Reporting by Mariya Gordeyeva, Writing by Olzhas Auyezov; Editing by Sunil Nair and Sherry Jacob-Phillips)

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