Assets of KAZKOMMERTSBANK OJSC are over $1bn

/IRBIS, July 25, 01/ - According to the information presented to IRBIS by public relations department of KAZKOMMERTSBANK OJSC, the results of KAZKOMMERTSBANK OJSC activity in first six months of this year is the growth of all bank indicators which exceeded over $1bn. Last 12 months KKB succeeded to increase volume of liabilities and assets more than twice. As of authority opinion the perfect credit history and its reputation before foreign and domestic finance markets influenced it. Liabilities of KKB (raised means from other banks and clients) achieved on July 01, 2001 $964.8m (hereinafter all values are in dollar). 2.3 times growth of liabilities relative to similar period of last year was due to growth of clients' deposits which increased by 2.5 times. Bank considers it as the evidence of increased credo including on behalf of residents. Portion of deposits in structure of liabilities is inclining up more active unlike the portion of from banks and finance institutes. Assets of KKB increased by 2.2 times and totaled $1.081bn (as of July 01, 2000 - $505.372m). Assets growth occurred despite of KAZKOMMERTS INTERNATIONAL B.V. filial eurobonds repayment (issued under full bank guarantee) at $100m in May of this year. KKB thinks that the above shown dynamic of indicators is the highest in Kazakhstani bank system. Total assets of 44 Kazakhstani banks increased by 60% at $4.4bn. Almost the quarter of volume is the portion for KKB which becomes the largest financial institute of Kazakhstan and Central Asia. And according to size of assets is able to enter membership of 15 largest banks of CIS. Managing bank director Eldar Abdrazakov comments - "The increased currency balance up to $1bn enables Kazakhstani bank system to overcome psychological barrier resulted by crisis of 1998". According to specialists of KKB the volume of assets increased due to enlargement of bank's loan portfolio. The volume of granted credits as of July 01, 2001 data achieved $756 m relative to $369.0 m of last year similar period. Net profit of KKB for first six months totaled $16.3 m (for first six months of 2000 - $14.9 m). The percentage revenue growth (from securities purchase and loans granted for clients) mostly influenced the increase of profit. It is marked in press-release that KKB is still the largest due to size of private capital - 17.1% of total banks capital. On July 01, 2001 the private capital increased by 22.8% at $115.9m relative to last year's similar period.