Auditor's report on financial statement of VALUT-TRANZIT BANK OJSC (Kazakhstan) for 2003

/IRBIS, May 31, 03/ - VALUT-TRANZIT BANK OJSC (Karaganda), whose securities are circulating in Kazakhstan stock exchange's (KASE) "А" listing category, has presented KASE auditor's report auditor's report of Ernst & Young (Almaty) on bank's consolidated financial statements for 2003 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 figures, in accordance with the auditor's data (in th. KZT, unless otherwise specified): ---------------------------------------------------------------------------- Indicator 2002 2003 ---------------------------------------------------- ---------- ---------- Issued authorized capital (paid excluding withdrawn) 1,518,283 3,109,730 Shareholders' equity 3,324,218 5,348,347 Total assets 17,512,769 31,319,853 Sum of liquid assets 2,821,250 8,782,485 Loan portfolio (including leasing), net 11,332,979 18,129,054 Funds in lending institutions 1,790,277 1,128,072 Liabilities, total 14,188,551 25,971,506 Amounts due to clients 11,131,151 22,418,615 Amounts due to lending institutions 1,315,437 1,744,428 Issued bonds 1,599,707 1,477,461 Net interest income 1,031,407 2,235,247 Net commission fees 312,312 449,939 Non-interest revenues 307,507 739,882 Non-interest income 1,348,862 2,322,189 Net income 234,887 522,499 Basic EPS, KZT 38.00 57.00 ---------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ---------------------------------------------------- ---------- ---------- Return on equity (ROE), % 7.07 9.77 Return on assets (ROA), % 1.34 1.67 Book value of one share, KZT 437.89 301.32 Price earnings ratio (Р/Е) 9.21 6.09 ---------------------------------------------------------------------------- Audit of the bank's financial statements was performed by Ernst & Young in compliance with International Standards on Auditing. In the auditor's opinion the financial statements present fairly, in all material respects, the financial position of bank's as at 31 December 2003, and the results of its operations and its cash flows for the year then ended, in accordance with IFRS. [2002-05-31]