BTA Ipoteka JSC (Kazakhstan) about results of activity in 9 months of 2004 - press-release

/IRBIS, Natalya Kuznetsova, November 25, 04/ - BTA Ipoteka JSC (Almaty), whose bonds are traded in Kazakhstan stock exchange's (KASE) official "B" listing category, today spread press-release containing results of company's activity in 9 months of this year. According to presented information in October of this year Standard and Poor's assigned "В+/В" rating (stable outlook) to BTA Ipoteka JSC. As a credit analyst of Standard and Poor's Magar Koyumjan says, BTA Ipoteka JSC has rather strong positions, its stake at the market is 27%. The press-release says for 9 months of 2004 net income of BTA Ipoteka JSC equaled to KZT249.3 m. (for the whole 2003 - KZT187.3 m.). In comparison with the beginning of the year company's assets have grown 1.6 times and equaled by October 1 of 2004 to KZT7,469.5 m. As of October 1 of 2004 shareholders equity was KZT1,669 m. having increased 6 times in comparison with the beginning of 2004. Authorized capital grew up to KZT1.27 bn. As of October 1 credit portfolio was equal to KZT7,068.58 m. having increased since the beginning of the year 1.6 times. Company's liabilities as of October 1 were KZT5,800.5 m. having increased 1.3 times. Within 9 months of 2004 there were given 5.5 th, loans for a total of KZT11.7 bn. According to company's plans, it's planned to float, mainly among Kazakhstan APF, mortgage bonds for a total of KZT1.5-2 bn. before the end of the year and about 7.5-8 bn. during the year 2005. Besides, company plans to borrow about $50-100 m. at international capital markets. The company says total volume of resources that will be borrowed during the nearest year will be about KZT17-25 bn. Taking into account the fact that at present volume of given loans is KZT17.1 bn., it will let increase volume of loans 2-2.5 times and quickly change the base of company's funding and, in particular, its cost. According to estimates of managing finance director of BTA Ipoteka JSC Kayrat Altynbekov, the cost of resources will fall by about 1-2% in tenge and to 4% in foreign currency; taking into account the current 13.5-14.5%, reaching the rate of 10% seems to be quite real. In the firs ten-day period of this month BTA Ipoteka JSC entirely floated the second issue of mortgage bonds for KZT1.5 bn. [2004-11-25]