Auditors' report on financial statements of Bank CenterCredit OJSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, April 2, 04/ - Bank CenterCredit OJSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) official "А" listing category, presented KASE auditors' report conducted by Deloitte (Almaty) on bank's financial statements for 2003, prepared in compliance with International Accounting Standards. According to the auditor's data, the following indexes are result of the bank's financial and economic activity as of December 31 of 2003 (in m. KZT, unless otherwise specified): ---------------------------------------------------------------------------- Index 2001 2002 ---------------------------------------------------- ---------- ---------- Issued authorized capital (paid excluding withdrawn) 3,166,988 5,166,988 Shareholders equity 4,146,691 7,440,592 Total assets 50,853,363 81,913,018 Total current assets 12,324,582 16,061,392 Loans to clients (net) 35,107,163 52,068,761 Loans to banks 4,262,566 9,494,053 Securities purchased on repo operations 100,001 68,182 Liabilities, total 46,704,589 74,425,934 Liabilities before clients 34,748,703 47,643,364 Liabilities before banks 8,781,847 20,728,383 Securities sold on repo operations 74,760 1,332,711 Bonds issued 2,174,811 4,102,079 Total revenues 6,665,980 9,786,773 Total expenses 6,020,149 8,492,872 Net income 645,831 1,293,901 ---------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ---------------------------------------------------- ---------- ---------- Return on equity (ROE), % 15.57 17.39 Return on assets (ROA), % 1.27 1.58 Earnings per share (EPS), KZT 47.02 63.61 Price earnings ratio (P/E) 4.36 3.22 Book value of one share, KZT 301.89 365.81 ---------------------------------------------------------------------------- Auditing of the bank's and its daughter companies (the Group) financial statement was made by Deloitte in compliance with international standards on auditing. Group's financial statements were correspondingly corrected in order to bring it in compliance with international accounting standards. The consolidated financial statement of the Group comprises financial statement of the following daughter companies: KIB Asset Management JSC (Almaty, brokerage firm, 100% ownership), OAPF Capital CJSC (Almaty, pension fund), Center Leasing LLP (Almaty, financial leasing, 100% ownership), as well Aktas Zhol LLP (Almaty, property appraisal and leasing) and BCC LLP (Almaty, realty appraisal, leasing) in which the bank does not have interest but has a right to control their activities. In the auditor's opinion, the financial statement exactly in all significant aspects reflects the Group's financial position as of December 31 of 2003, about consolidated results of its financial and economic activity and cash flow within the reporting the years in compliance with international accounting standards. [2004-04-02]