Halyk Finance - Banks in August - Loans traded, deposits withdrawn

On the background of credit growth Kazakh banks traded loans and saw their corporate deposits decline.
In August, more than half of all banks reported a decline in corporate deposits. We believe that the withdrawals were associated with the quarterly payments of mineral resources extraction tax and with non-residents closing long-on-Tenge positions opened at the beginning of the year. Alliance sold a big portion of its non-collateralized retail loans (60+ days overdue) to an unidentified buyer or buyers. Meanwhile, the loan books of three banks grew at the rates that defied organic growth assumption.