Profit of Bank TuranAlem (Kazakhstan) in 1999 reached KZT886 mln

/IRBIS, Feb.22, 00/ - REUTERS informs, with the reference to the chairman of the bank Erjan Tatishev, that profit of Kazakhstani bank TuranAlem decreased to KZT886 mln in 1999 from KZT1.868 bln in 1998, assets rose 2.5 times at KZT44.930 bln, authorized paid-up capital was KZT8.758 bln in early 2000. "The bank finished the year 1999 successfully which is proved by the growth dynamics in authorized capital, shareholders' equity, bank assets and by its presence in corporate and retail markets", the chairman said. He said introduction of free floating exchange rate of tenge and devaluation of national currency and intensive financing of the bank developments have been the reasons for the profit to fall. Tatishev said the reduction in profit had been in some way caused by the devaluation and to the most part it had been caused by intensive financing of the bank developments by expanding and renewing many technological products and creating new branches in 1999. The number of branches and accounts settlement departments of the bank reached 205 against 147 in 1998. The chairman said financial statements of the bank had been audited in accordance with Kazakhstani accounting standards. Ernst & Young is expected to present its auditing report in March of this year. The bank has 12 biggest Kazakhstani production and trade enterprises as its shareholders. These shareholders bought out 100% of the bank shares from the government in 1998. Moody's rating agency confirmed its previously assigned ratings in August of 1999. They were as follows: bank deposit rating "B2", financial stability rating "B2/NP". Thomson BankWatch also confirmed its "B" long term, "LC2" short term and "C/D" emitter's ratings on July 9, 1999.