Auditor's report on financial statement of NURBANK OJSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, April 26, 04/ - NURBANK OJSC (Almaty), whose bonds are circulating in the official "A" listing category of Kazakhstan stock exchange Inc., has presented KASE auditor's report made by KPMG Janat (Almaty), which had been made on the bank's consolidated financial statement for 2003 prepared in compliance with international accounting standards (IAS). Result of the bank's consolidated financial and economic activity as of December 31 of 2003 is presented by the following indicators, according to the auditor's data (th. KZT, unless otherwise specified): ----------------------------------------------------------- Indicator 2002 2003 ----------------------------------- ---------- ---------- Authorized capital (paid) 3,000,000 3,265,000 Shareholders' equity 6,228,169 7,195,425 Total assets 36,339,196 61,802,845 Total liquid assets 17,511,431 20,143,546 Loans to clients (net) 17,763,092 36,710,468 Loans to banks (net) 6,550,666 3,266,179 Liabilities, total 30,111,027 54,607,420 Clients' funds 23,405,125 34,894,119 Indebtedness to credit institutions 4,140,924 9,315,905 Issued bonds 1,516,349 4,810,795 Total revenues 5,176,843 6,096,080 Total expenses 3,700,466 5,321,824 Net profit 1,476,377 774,256 ----------------------------------- ---------- ---------- Calculated by the auditor's data: ----------------------------------- ---------- ---------- Return on equity (ROE), % 4.06 1.25 Return on assets (ROA), % 23.70 10.76 Book value of one share, KZT 20,760.56 22,038.06 ----------------------------------------------------------- Audit of the consolidated financial statement of the bank and its daughter companies (hereinafter - Group) was conducted by KPMG Janat in compliance with international auditing standards. The bank's financial statement was correspondingly corrected in order to bring it to conformity with IAS. The Group's consolidated financial statement comprises financial statement of daughter companies, in which the banks owns 100% market share: Grand Lombard LLP (Almaty, giving of loans on pawn), PAMC Nur-Trust CJSC (Almaty, pension assets management), Nur-Invest LLP (Almaty, leasing company), MONEY EXPERTS LLP (Almaty, broker-dealer activity). In the auditor's opinion the consolidated financial statement exactly in all essential aspects reflects the bank's financial position as of December 31 of 2003, and also results of its activity, cash flow and changes in the capital in the year, which ended by the mentioned date in compliance with IAS. [2004-04-26]