Results of KAZKOMMERTSBANK (Kazakhstan) in 9 months of 1999

/KASE, Nov.18, 99, Galina Chudinova, Galina Tsalyuk/ - According to KASE listing requirements OJSC "Kazkommertsbank" (Almaty, official list of securities, category "A") provided Kazakhstan Stock Exchange (KASE) with financial reports: balance sheet and income statement as of October 1, 99. Following are the results of the emitter in nine months of 1999. All figures are given in tenge and as against the corresponding period of 1998. Indicator As of October 1'98 As of October 1'99 Change ---------------------------- ----------------- ------------------ ------- Authorized paid-up capital 2,854,287 2,938,820 +3.0 Shareholders equity 8,495,238 10,732,582 +26.3 Book value of the assets 50,088,203 71,702,112 +43.2 Liquid assets 6,323,988 8,633,895 +36.5 Loans and deposits 38,430,266 52,599,870 +36.9 Credits granted 35,027,855 49,335,685 +40.8 Income from operating activities 7,093,280 14,572,812 +105.4 Total expenses 6,211,430 13,340,480 +114.8 Net income (loss) 881,850 1,232,332 +39.7 ---------------------------- ----------------- ------------------ ------- Growth in shareholders' equity by 2,237.34 mln tenge or 26.3% was caused by an increase: - in authorized capital - by 84.53 mln; - in additional capital - by 0.10 mln; - in reserve fund - by 192.29 mln; - in undistributed profit - by 1,991.79 mln; with a decrease: - in revaluation fund - by 31.37 mln. As a result book value of a share increased by 7.84 tenge or 26.3% up to 37.60 tenge per share. The bank's assets has increased by 21,613.91 mln tenge or by 43.2%, including increase in: - liquid assets - by 2,309.91 mln (increase in amounts in corresponding accounts - 1,965.30 mln, increase in currency in hand - 739.04 mln, with a decrease in securities in the bank's portfolio by 394.43 mln); - volume of loan portfolio - by 14,307.83 mln; - investments - by 425.10 mln; - residual value of fixed assets - by 381.32 mln; - residual value of intangible assets - by 47.51 mln; - other assets - by 4,142.23 mln; Total liabilities has increased by 20,258.41 mln tenge or by 49.8%, including increase: - in volume of funds raised - by 14,169.60 mln (from banks - 17,011.78 mln, from international financial organizations - 3,322.89 mln and government loan for 3,100.75 mln, with a decrease in deposits - by 9,265.83 mln); - bank liabilities on its securities - by 3,264.76 mln; - other liabilities - by 2,824.05 mln. Income from operating activity has increased by 7,479.53 mln tenge or 105.4%. Increase in interest income has amounted to 2,567.19 mln tenge (57.6%), including: - interest on credits granted - by 2,666.44 mln; - deposits in other banks - by 32.57 mln; with decrease in proceeds from operation with securities - by 131.82 mln. Non-interest income has increased by 4,912.34 mln tenge or 186.3%, including: - investment income - by 36.10 mln; - commissions - by 34.25 mln; - income from revaluation - by 4,483.62 mln; - other income - by 1,110.09 mln; with a decrease in income from financial transactions - by 751.71 mln. Total expenses have increased by 7,129.05 mln tenge or 114.8%. Growth in interest expenses has amounted to 1,479.47 mln tenge (78.9%), including: - repayment of the National Bank loan - by 450.98 mln; - repayment of government loan - by 123.25 mln; - other expenses - by 1,718.95 mln. with a decrease in: - interbank loans and deposits - by 418.53 mln; - client deposits in the bank - by 395.18 mln. Non-interest expense has increased by 94.22 mln tenge or 3.7%, including: - personnel expenses - by 486.79 mln; - office and equipment maintenance expenses - by 57.99 mln; with a decrease in other expenses by 450.56 mln. Besides, assignments to reserves for losses of classified assets and contingent liabilities increased 5,485.94 mln tenge or 4 times. Tax payments grew by 69.42 mln tenge. Net income has totaled 1,232.33 mln tenge due to excessive growth of incomes over expenses, 350.48 mln or 39.7% more than for the same period of last year.