Kazakh Halyk bank expects KZT8.0 bn in profits this year

/REUTERS, Almaty, Olzhas Auyezov, May 18, 04/ - Kazakh third largest Halyk bank targets a KZT8.0 bn (approximately $60 m) bottom line in 2004 accounted for under Kazakhstan Accounting Standards, the bank said. Last year the bank earned $35 million of net income under international standards. Halyk bank confirmed it would issue euronotes with the help of J.P. Morgan and CSFB soon. "The issue volume is planned to be $200 million", the chairman of the bank Asiya Syrgabekova told press conference on Tuesday. According to deputy chairman Serik Svyatov, international borrowings by Halyk bank in 2004 will total $650 m including euronotes, securitaztion of incoming payments and syndicated loans, while domestic debt will probably reach KZT85.0 bn. The bank plans to float shares in two issues for a total of KZT6.8 billion with current shareholders holding preemptive purchase rights. Moreover, Halyk bank acquired over 75 percent stake in Russian Khlebnyi bank and planned to headquarter it in Moscow with branches of other two largest Kazakh banks already represented there. Halyk currently bids for Kygyz Kairat bank. Following table shows bank's main accounts at Q104 and Q103 accounted for under KAS (in mln of KZT) -------------------------------- Q12004 Q12003 ------------ --------- --------- Net Income 1,626.0 1,142.0 Total Assets 273,800.0 219,107.0 Equity 22,500.0 22,294.9 -------------------------------- ($1=136,.0 tenge) [2004-05-18]