Results of "Temirbank" (Kazakhstan) in 9 months of 1999

/KASE, Nov. 08, 99, Nadir Jakupov, Galina Tsalyuk/ - According to listing requirements, OJSC "Temirbank" (Almaty, official list of securities, category "A") provided Kazakhstan stock exchange (KASE) with its financial statements as of October 1, 1999 (balance sheet and income statement). Following are financial results of the emitter in 9 months of 1999 (in thousand tenge): Article As of October 1'98 As of October 1'99 Change Authorized capital (paid) 1,000,000 991,047 -0.9 Shareholders' equity 1,326,767 1,411,256 +6.4 Book value of the assets 4,571,894 8,374,492 +83.2 Liquid assets 1,439,099 4,154,897 +188.7 Loans and deposits 3,150,626 6,847,347 +117.3 Credits granted 2,489,000 3,724,396 +49.6 Income from operating activities 1,145,075 1,471,368 +28.5 General expenses 1,021,126 1,371,376 +34.3 Net income of the period 123,949 99,992 -19.3 Compared to corresponding period of 1998, shareholders' equity of the bank grew 84.49 mln tenge or 6.4%, which was caused by an increase in: - additional paid capital - 4.48 mln; - accumulated money in funds - 116.03 mln; with a decrease in: - paid portion of the authorized capital by 8.95 mln tenge or 0.9% (as a result of 8,953 shares bought back by the bank from its shareholders); - revaluing reserves - 3.11 mln; - income of the period - 23.96 mln tenge. As a result of an increase in authorized capital and decrease in number of outstanding shares, book value of a share rose from 97.24 tenge or 7.3% relative to similar period of last year and reached 1,424.01 tenge. Assets of OJSC "Temirbank" grew 3,802.60 mln tenge or 83.2% relative to similar period of 1998, including: - liquid assets - 2,715.80 mln (amounts on correspondent accounts - 2,114.05 mln, currency in hand - 533.97 mln, securities portfolio - 67.78 mln); - residual value of fixed assets - 40.04 mln; - loan portfolio of the bank - 1,217.25 mln tenge; with 170.49 mln decrease in other assets. Growth in the bank liabilities of 3,718.11 mln tenge or 114.6% relative to comparable period of last year is caused by an increase in: - volume of raised funds - 3,704.46 mln tenge (increase in deposits - 3,479.91 mln, credits received - 224.55 mln); - other liabilities - 13.65 mln. Operating income of the bank rose by 326.29 mln tenge or 28.5% due to growth in non-interest income by 678.38 mln tenge or almost 4 times, including: - commissions - 53.85 mln; - income from financing activities - 156.69 mln; - other non-interest income - 467.84 mln. At the same time, interest income of the bank fell by 352.09 mln tenge or 41.4%, including: - income (interest), received for credits granted to clients - 28.83 mln; - from operations with securities - 6.34 mln; - other income - 331.85 mln; - growth in income from credits and deposits made in other banks - 14.93 mln. Amount of total expenses of the bank grew by 350.25 mln tenge or 34.3% due to: - non-interest expenses - 379.95 mln or 86.6%; - reserves to cover losses on classified assets and conditional liabilities - 77.97 mln tenge or 30.6%; - tax payments - 54.18 mln; which was partially covered by a decrease in interest expenses of 161.86 mln or 52.0%. Net income of the bank during reporting period fell by 23.96 mln tenge and totaled to 99.99 mln tenge due to more fast growth in expenses.