Auditor's report on financial statements of BANK CASPIAN OJSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, April 27, 04/ - BANK CASPIAN OJSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report made by Ernst & Young (Almaty, Kazakhstan), which had been made on the bank's consolidated financial statement for 2002, prepared in compliance with international financial reporting standards (IFRS). Result of the bank's consolidated financial and economic activity as of December 31 of 2003 is presented by the following indexes, in accordance with the auditor's data (in th. KZT, unless otherwise specified): ------------------------------------------------------------------------- Indicator 2002 2003 ------------------------------------------------- ---------- ---------- Issued (paid) authorized capital 1,750,032 3,699,975 Shareholders' equity 3,431,651 5,723,153 Total assets 28,741,462 54,735,800 Sum of liquid assets 7,021,704 16,381,924 Loans to clients (net) 19,599,763 35,459,390 Liabilities, total 25,309,811 49,012,647 Proceeds from clients 18,466,791 30,022,490 Proceeds from financing institutions 4,083,412 8,972,711 Issued bonds 2,411,186 9,300,152 Net interest income 960,765 2,475,478 Net non-interest income 987,775 1,345,639 SG&A 1,200,398 1,833,365 Reserves 275,105 855,741 Net income 405,773 841,601 Basic earnings per share, KZT 79.83 122.87 Diluted EPS, KZT 71.99 134.49 ------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ------------------------------------------------- ---------- ---------- Return on assets (ROA), % 1.41 1.54 Return on equity (ROE), % 11.82 14.71 Book value of one share, KZT 544.82 616.83 ------------------------------------------------------------------------- Audit of consolidated financial statement of the bank and daughter companies (hereinafter - Group) for 2003 was conducted by Ernst & Young in compliance with international auditing standards. The bank's financial statement was correspondingly corrected in order to bring it to conformity with international accounting standards. The Group's consolidated financial statement for 2003 comprised financial statement of daughter company Almaty International insurance company OJSC (Almaty, insuring activity), in which the bank owns 100% of issued shares. In the auditor's opinion the consolidated financial statement exactly in all essential aspects reflects the Group's financial condition as of December 31 of 2003 and also results of financial and economic activity and cash flow in the reporting years, which ended by the mentioned dates in compliance with international accounting standards. [2004-04-27]