BANK CASPIAN OJSC: Dynamics of financial indicators

/IRBIS, July 20, 01/ - According to financial statements of BANK CASPIAN OJSC, its authorized capital increased from KZT1,029m to KZT1,560m for the period from early 1998 to 1st April, 2001. The biggest growth was recorded in first quarter 2001 - by KZT369m or 30.98%. The growth of the first level capital estimated according to methodology of the National Bank was conditioned by floatation of the Bank's shares (KZT230m) and increase in undistributed income figure (KZT29.6m). The second level capital grew up for the account of revaluation of long-term investments (KZT125m) and lowering of current income by KZT15.4m (net income equaled KZT14m and was higher by KZT8.3m than in corresponding period of last year). From the beginning of 1998 till April 1, 2001, the Bank's assets increased from KZT2,829m to KZT11,435m. In first quarter assets increased by KZT2,473m or 27.61%. As of Jan.01, 2001 assets equaled KZT8,961m (KZT3,707m in 1999). The growth of assets is mainly attributed to: - growth of credit portfolio (minus provisions) from KZT1,166m to KZT3,225m (176.6%) - increase of investments into securities (sovereign eurobonds) from KZT756m to KZT3,167m (319.1%) - growth of funds and cash from KZt1,033m to KZT1,661m (60.7%) The main part of assets (79%) consists of investments in securities - KZT3,162m and credits granted - KZT5,972m. Structure of the investment portfolio of BANK CASPIAN OJSC (thousands tenge) ------------------------------------------------------------------ as of Investment portfolio 1998 1999 2000 Apr.01,2001 -------------------------- -------- -------- --------- ----------- Eurobonds of Kazakhstan - - 2,482,601 2,635,216 MEAKAM 520,000 - - - MEOKAM - - - 372,728 MEKKAM 310 655,728 330,818 110,343 MEKAVM - - 311,327 - Notes of the National Bank - 100,000 - - Corporate bonsd - - 42,547 43,371 -------------------------- -------- -------- --------- ----------- Total debt obligations 520,310 755,728 3,167,293 3,161,658 ------------------------------------------------------------------ As of Apr.01, 2001, credit portfolio of BANK CASPIAN OJSC including credits granted to banks equaled KZT6,145m or 53.7% of assets figure. Credits to legal entities amounts 95.6%, personal lending - 4.3% of the total credits. As of Jan.01, 2001, the net credit portfolio (minus provisions) reached KZT3,225m and increased up to KZT5,972m during first quarter 2001. Credit portfolio is financed using attracted deposits and loans of other banks. The Bank credit policy is rather conservative. Nevertheless, the Bank's activity largely depends on economic conditions of clients, development of the private sector and general economic situation in the country. Quality of credit portfolio ----------------------------------------------------------------------------- as of as of as of as of Jan.01, Jan.01, Jan.01, Apr.01, 1999 2000 2001 2001 ------------ ------------ ------------ ------------ KZT KZT KZT KZT Credit portfolio th % th % th % th % ------------------------- ------- ---- ------- ---- ------- ---- ------- ---- Standard 826302 73.5 1047199 85.7 2432294 73.1 4956164 80.6 Substandard 69484 6.2 20089 1.7 790501 23.8 1044199 17 at due interest payments 61085 5.4 20089 1.7 667525 20.1 896895 14.6 at overdue interest payments 8399 0.8 - - 122976 3.7 147304 2.4 Unsatisfactory 38575 3.4 130840 10.7 10194 0.3 21583 0.4 Doubtful with high risk level 183872 16.4 1190 0.1 79686 2.4 29540 0.5 Bad 5541 0.5 22360 1.8 14081 0.4 93274 1.5 ------------------------- ------- ---- ------- ---- ------- ---- ------- ---- Total 1123774 100 1221678 100 3326756 100 6144760 100 ----------------------------------------------------------------------------- Formed provisions ---------------------------------------------------------------------------- as of as of as of as of Jan.01, Jan.01, Jan.01, Apr.01, 1999 2000 2001 2001 ----------- ---------- ----------- ----------- KZT KZT KZT KZT Credit portfolio th % th % th % th % ----------------------------- ------ ---- ----- ---- ------ ---- ------ ---- Standard Substandard 3893 3.5 1005 1.8 45674 44.9 59577 34.5 at due interest payments 3054 2.7 1005 1.8 33376 32.8 44847 26.0 at overdue interest payments 839 0.8 - - 12298 12.1 14730 8.5 Unsatisfactory 9559 8.6 31833 57.1 2270 2.2 5345 3.1 Doubtful with high risk level 91936 82.9 595 1.1 39843 39.1 14771 8.5 Bad 5541 5.0 22360 40.0 14081 13.8 93274 53.9 ----------------------------- ------ ---- ----- ---- ------ ---- ------ ---- Total 110929 100 55793 100 101868 100 172967 100 ---------------------------------------------------------------------------- Analysis of credit portfolio shows that the ratio of standard and substandard credits (due interest payments) has grown and as of Apr.01, 2001 equaled 95.2% of total credits. As of Jan.01, 2001 and 2000 it equaled 93.2% and 87.4% correspondingly. As of Apr. 01, 2001 provisions totaled 2.8% of the credit portfolio compared to 3.1%, 4.6% and 9.9% in early 2001, 2000, 1999 correspondingly.