Independent auditor's report on financial statements of DB Alfa- Bank OJSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, April 28, 04/ - DB Alfa-Bank OJSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) official "A" listing category, presented KASE auditor's report of PricewaterhouseCoopers (Almaty) which was made on the bank's financial statement for 2003, prepared in compliance with International Financial Reporting Standards (IFRS). According to the audited financial statement the result of the bank's financial and economic activity as of December 31 of 2002is as follows (in th. KZT, unless otherwise indicated): -------------------------------------------------- Indicator 2002 2003 ---------------------------- --------- --------- Authorized capital (paid) 1,000,000 1,000,000 Shareholders' equity 1,879,351 2,353,824 Total assets 1,879,351 2,353,824 Sum of liquid assets 1,712,774 2,345,361 Loans to clients (net) 6,563,074 6,830,758 Loans and deposits to banks 33,251 339,122 Liabilities, total 6,745,565 7,198,370 Clients' funds 4,597,192 6,001,367 Funds of credit institutions 619,688 592,676 Subordinate debt 416,851 386,019 Issued bonds 885,085 - Net interest income 658,857 970,267 Net non-interest income 423,409 525,458 Operational expenses 484,368 613,397 Reserves 197,625 247,819 Net income 431,621 722,292 -------------------------------------------------- It's been calculated by the auditor's data: -------------------------------------------------- Return on equity (ROE), % 22.97 30.69 Return on assets (ROA), % 5.00 7.56 -------------------------------------------------- Audit was performed by PricewaterhouseCoopers in compliance with international standards on auditing. The bank's financial statements were correspondingly corrected in order to bring it in conformity with IFRS. In the auditor's opinion, the financial statements of DB Alfa-Bank OJSC in all significant aspects for sure reflects the bank's financial condition as of December 31 of 2003, and also results of its activity and cash flow for the year, which ended by the mentioned date, in compliance with international accounting standards. [2004-04-28]