Auditor's report on financial statement of BANK CASPIAN OJSC (Kazakhstan) for 2002

/KASE, May 15, 03/ - BANK CASPIAN OJSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Ernst & Young (Almaty, Kazakhstan), which had been made on the bank's consolidated financial statement for 2002, prepared in compliance with international accounting standards. Result of the bank's consolidated financial and economic activity as of December 31 of 2002 is presented by the following indexes, in accordance with the auditor's data (in th. KZT, unless otherwise specified): ------------------------------------------------------------------------- Indicator 2001 2002 ------------------------------------------------- ---------- ---------- Issued (paid) authorized capital 1,427,338 1,756,828 Shareholders' equity 1,339,230 3,431,651 Total assets 14,765,728 28,741,462 Sum of liquid assets 5,702,775 7,021,704 Loans to clients (net) 7,311,202 19,334,023 Liabilities, total 13,425,005 25,309,811 Loans and deposits (including issued bonds) 13,145,497 24,597,270 Issued bonds 844,450 2,411,186 Total revenues 2,527,641 3,647,889 General expenses 2,444,221 3,242,116 Net income 83,420 405,773 ------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ------------------------------------------------- ---------- ---------- Return on assets (ROA), % 0.56 1.41 Return on equity (ROE), % 6.23 11.82 Earnings per share (EPS), KZT 17.27 65.60* Price earnings ratio (Р/Е) - 2.13* Book value of one share, KZT 283.16 544.82 ------------------------------------------------------------------------- * - calculated without taking into account dividends of privileged shares, which had not been determined by the date of finishing auditing. Audit of consolidated financial statement of the bank and daughter companies (hereinafter - Group) for 2002 was conducted by Ernst & Young in compliance with international auditing standards. The bank's financial statement was correspondingly corrected in order to bring it to conformity with international accounting standards. The Group's consolidated financial statement for 2001 comprised financial statement of daughter companies Almaty International insurance company OJSC (Almaty, insuring activity), in which the bank owns 100% of issued shares, and also financial statement of companies, in which the bank had no stake in the authorized capital, but controlled their activity, - Consulting bureau LLP (Almaty, property management) and Oil Service LLP (Astana, property management). In 2002 Consulting bureau LLP and Oil Service LLP were not consolidated in accordance in the Group's financial statement because the bank had stopped controlling their activity. In the auditor's opinion the consolidated financial statement exactly in all essential aspects reflects the Group's financial condition as of December 31 of 2002 and 2001, and also results of financial and economic activity and cash flow in the reporting years, which ended by the mentioned dates in compliance with international accounting standards. [2002-05-15]