August 20, 2018 / 12:57 PM / 2 months ago

Kazakhstan's Halyk Bank reports 40 pct drop in quarterly profit

ALMATY, Aug 20 (Reuters) - The net income of Halyk Bank , Kazakhstan’s largest lender by assets, fell to 24.1 billion tenge ($67 million) in the second quarter of 2018 from 40.4 bln tenge a year earlier, the bank said on Monday.

The bank’s operating expenses more than tripled year-on-year largely due to a 30.3 billion tenge expense related to the revaluation of property, investments and assets held for sale, and spending related to its takeover of KKB, it said in a statement. (Reporting by Olzhas Auyezov, editing by Louise Heavens)

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