Results of OJSC "Neftebank" (Kazakhstan) in 9 months of 1999

/KASE, Jan.18, 00, Galina Chudinova, Galina Tsalyuk/ - According to listing requirements OJSC "Neftebank" (Aktau, official list of securities, category "B") provided KASE with financial reports as of October 1, 99: balance sheet and income statement. Following are the results of the emitter in 9 months of 1999 (in th. tenge): Increase/ Ratio As of Oct.1'98 As of Oct.1'99 decrease, % -------------------------------- -------------- -------------- ----------- Authorized capital, paid 479,768 551,141 +14.9 Shareholders' equity 692,837 999,847 +44.3 Book value of the assets 1,430,675 2,141,392 +49.7 Liquid assets 227,019 382,411 +68.4 Loans and deposits 710,797 1,112,335 +56.5 Credits granted 924,751 1,413,867 +52.9 Income from operating activities 316,910 372,977 +17.7 General expenses 377,717 319,276 -15.5 Net income (loss) of the period (60,807) 53,701 +188.3 -------------------------------- -------------- -------------- ----------- Increase in shareholders' equity of OJSC "Neftebank" amounted to KZT307.01 mln or 44.3% relative to similar period of last year, which was due to a growth in: - paid portion of the authorized capital - by KZT71.37 mln (as a result of partial placement of the 7th issue shares); - fixed assets revaluation fund - by KZT105.27 mln; - total amount of income - by KZT130.37 mln; with a decrease in additional paid-in capital by KZT0.01 mln. Book value of a share rose KZT370.03 or 25.6%, at KZT1,814.41. Bank assets grew KZT710.71 mln or 49.7% to comparable period of last year as a result of an increase in: - liquid assets- by KZT64.07 mln (increase in amounts in correspondent accounts - by KZT100.12 mln with decrease in cash currency - by KZT33.08 mln and securities in the bank's portfolio - by KZT2.97 mln); - volume of loan portfolio - by KZT502.59 mln; - residual value of fixed assets - by KZT 103.42 mln; - other assets - by KZT69.81 mln; with a decrease in investments in capitals of other legal entities by KZT29.18 mln. Total amount of bank liabilities grew KZT403.69 mln or 54.7% relative to 9 months of 1998 as a result of an increase in: - amount of funds raised - by KZT 401.54 mln (from the National Bank - by KZT46.13, from other banks and organizations - by KZT85.74 mln, from bank deposits - by KZT269.67 mln); - other liabilities - by KZT2.15 mln. Operating income of the bank grew KZT56.07 mln or 17.7% to similar period of last year as a result of an increase in non-interest income of KZT86.72 mln or 55.1%, which is partially covered by KZT30.65 mln or 19.2% decrease in interest income. At the same time amount of general expenses of OJSC "Neftebank" decreased KZT58.44 mln or 15.5% to comparable period of 1998, including: - non-interest expenses - by KZT17.86 mln or 11.0%; - payments to form the reserves to cover losses of classified assets and conditional liabilities - by KZT62.86 mln or 39.0%; - tax payments - by KZT5.27 mln or 29.7%; with an increase in interest income by KZT27.55 mln or 75.9%. As a result of income growing at faster paces than the expenses, net income of the period reached KZT53.70 mln against KZT60.81 mln of losses in similar period of last year. Following is dynamics of changes in some ratios of OJSC "Neftebank" for 1999 quarterly on non-accruing basis (in th. tenges): Ratio I-99 II-99 Change, % III-99 Change, % ---------------- ------- ------- ---------- ------ --------- Client deposits -75,578 309,977 +510.1 73,155 -76.4 Operating income 108,008 176,492 +63.4 88,477 -49.9 Net income -13,789 59,854 +534.1 7,636 -87.2 ---------------- ------- ------- ---------- ------ ---------