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UPDATE 1-Kazakh bank Halyk Q1 profit falls 59 percent

Wed Jun 24, 2009 4:40am EDT

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* Net income 4.1 billion tenge

* Makes large impairment charges

(Adds detail, background)

ALMATY, June 24 (Reuters) - Kazakh bank Halyk (HSBKq.L) HSBK.KZ said on Wednesday its first-quarter net income fell 59 percent to 4.1 billion tenge ($27 million).

Total assets shrank 4 percent in dollar terms during the first three months of this year, Halyk said in a statement.

Halyk reported negative net interest income in the first quarter due to an impairment charge -- provisions against bad loans -- of 28.3 billion tenge.

Kazakh banks face growing bad loans as growth in the central Asian country's oil-dominated economy is slowing down and some economist expect a contraction this year. (Writing by Olzhas Auyezov; Editing by Dan Lalor)



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