Auditor's report on financial statement of DANABANK JSC (Kazakhstan) for 2003

/IRBIS, Galina Tsalyuk, May 18, 04/ - DANABANK JSC (Almaty), whose common shares are circulating in Kazakhstan stock exchange's (KASE) official "B" listing category, has presented KASE auditor's report of Deloitte (Almaty) on the bank's consolidated financial statements for 2003 prepared in compliance with International Financial Reporting Standards (IFRS). According to the auditor's data, result of the bank's financial and economic activity in 2003 is as follows (in th. KZT, unless otherwise indicated): ----------------------------------------------------------- Indicator 2002 2003 ------------------------------------- --------- --------- Issued (paid) authorized capital 763,000 1,000,000 Shareholders' equity 768,533 1,041,924 Total assets 1,815,134 2,286,397 Sum of liquid assets 120,249 273,257 Offerings and loans to banks (net) 22,935 2,718 Loans and advances to clients (net) 1,618,698 1,782,241 Liabilities, total 1,046,601 1,244,473 Amounts due to state budget 114,051 246,997 Amounts due to clients 931,288 980,744 Net interest income (before reserves) 74,856 77,459 Net non-interest income 42,008 48,359 Operational costs 86,000 106,562 Net income 3,004 1,142 ----------------------------------------------------------- It's been calculated according to the auditor's data: ----------------------------------------------------------- Return on equity (ROE), % 0.39 0.11 Return on assets (ROA), % 0.17 0.05 Book value per share, KZT 1,007.25 1,041.92 Earnings per share, KZT* 3.94 1.14 ----------------------------------------------------------- * -Earnings per share were calculated ignoring preferred dividends. Audit was performed by Deloitte in compliance with international auditing standards. 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 exactly in all significant aspects reflects financial position of the bank as of December 31 of 2003, and also results of its activity, changes in the capital and cash flow for the year, which ended on December 31 of 2003, in compliance with international accounting standards. [2004-05-18]