Auditor's report on financial statement of VALUT-TRANZIT BANK OJSC (Kazakhstan) for 2002

/KASE, May 29, 03/ - VALUT-TRANZIT BANK OJSC (Karaganda), whose securities are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Ernst & Young (Almaty), which had been made on the bank's financial statement for 2002, prepared in compliance with international accounting standards. Result of the bank's consolidated financial and economic activity as of December 31 of 2002 is presented by the following indexes, in accordance with the auditor's data (in th. KZT, unless otherwise specified): --------------------------------------------------------------------------- Indicator 2001 2002 ---------------------------------------------------- --------- ---------- Issued authorized capital (paid excluding withdrawn) 1,299,560 1,518,283 Shareholders' equity 2,413,039 2,716,415 Total assets 9,975,195 16,912,025 Sum of liquid assets 1,393,901 2,821,250 Loan portfolio (including leasing), net 7,516,688 10,732,235 Liabilities, total 7,562,156 13,587,807 Indebtedness to clients 5,103,296 10,483,479 Indebtedness to banks and financial institutions 1,503,555 1,315,437 Issued bonds 827,795 1,599,707 Net operating income 1,404,199 2,251,970 Net income 210,296 234,887 ---------------------------------------------------- --------- ---------- It's been calculated according to auditor's data: ---------------------------------------------------- --------- ---------- Return on equity (ROE), % 8.71 8.65 Return on assets (ROA), % 2.11 1.39 Book value of one share, KZT 371.36 357.83 Earnings per share (EPS), KZT 42.85 47.85 Price earnings ratio (Р/Е) 9.4 7.3 --------------------------------------------------------------------------- Audit of the bank's financial statement, which was prepared in compliance with international accounting standards, was conducted by Ernst & Young in compliance with international auditing standards. The auditor made some corrections of the bank's financial statement for 2001, which had been audited by Deloitte & Touche (Almaty), In order to bring in conformity the financial indexes of 2002 and 2001. In the auditor's opinion the consolidated financial statement exactly in all essential aspects reflects the bank's financial condition as of December 31 of 2002, and also results of its of financial and economic activity, cash flow and changes shareholders equity for the year, which had ended by the mentioned date, in compliance with international accounting standards. [2002-05-29]