Results of NEFTEHIMBANK (Kazakstan) in the first half of 1999

/KASE, Nov.21, 99, Galina Chudinova, Galina Tsaluk/ - According to the listing requirements NEFTEHIMBANK (Shimkent, official list of securities, "B" category provided Kazakhstan Stock Exchange (KASE) with the financial reports for October 01, 99: balance sheet, income and losses statement. Following are the results of the emitter for the first half of 1999. All figures are given in tenge and as against to the corresponding period of 1998. 9 months of 9 months of Increase / Indicator 1998, '000 1999, '000 decrease., % -------------------------- ----------- ----------- ------------ Authorized paid-up capital 213,000 213,000 0 Shareholders equity 350,335 332,728 -5.0 Total assets 891,337 1,585,752 +77.9 Net working capital 214,525 290,490 +35.4 Accounts receivable 518,452 1,084,206 +109.1 Liabilities 436,322 1,060,752 +143.1 Volume of sales (services offered) 70,547 520,439 +637.7 Cost of goods sold (services offered) 49,524 518,393 +946.8 Net income (loss) 21,023 2,046 -90.3 -------------------------- ----------- ----------- ------------ Decrease in the shareholders equity by 17.61 million or 10.5% was stipulated by decrease in: - revaluation fund - by 0.28 million; - undistributed profit - by 19.61 million; at increasing in: - revaluation reserves - by 2.28 million; As a result the book value per share decreased by 165.32 tenge or 5.0% to 3,124.21 tenge per share. An increase in the bank's assets has made 694.41 million or 77.9%, including increase in: - loan portfolio - by 624.43 million; - liquid assets - by 75.97 million (increasing of corresponding accounts by 125.18 million, cash by 14.90 million at reduction of securities in the bank's portfolio by 64.12 million); at decreasing in: - other assets - by 0.27 million; - depreciated cost of fixed assets by 6.38 million. Total liabilities has increased by 712.02 million or 131.6%, including: - increase in volume of attracted means - 705.75 million (deposits in banks - by 28.36 million, interbank credits and deposits - by 537.39 million, other borrowings - by 140.0 million); - increase in other liabilities - 6.27 million. Increase of income from operating activity has made 449.89 million or 7.4 times. Increase in interest incomes have made 53.94 million or 151.1%, including increase in: - proceeds from loans granted - 48.11 million; - income from interbank credits and reposits - 1.58 million; - other income - 7.38 million; - at decreasing of equity commission earnings by 3.13 million. The non-interest income increased by 395,95 million or 12.4 times in result of increase in: - commission proceeds - 26.37 million: - income from revaluation - 356.73 million; - other income - by 64,29 million; - at decreasing incomes from financial operating by 1.3 million. Total expenses have increased by 468.87 million or more than 10 times. The interest expenses increased by 20.60 million or 4 times, including: - increasing in the bank deposits interest payment - by 22.72 million. - increasing in other expenses - by 4.08 million; - at a reduction in the interbank deposits interest payment - by 6.20 million. Increase in non-interest expense by 414.68 million or almost 14 times was stipulated by increase in: - expenses for staff - 39.16 million; - office and equipment maintenance cost - 28.89 million; - other expenses - 346.63 million. Except it, reserves for losses in classified assets and contingent liability increased by 27.50 million. The same time the tax payment increased by 6.09 million. In result of exceeding of expencess raise over incomes, net income has made 2.05 million, which is more than 10 times less than in the corresponding period of the previous year.