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

/IRBIS, Galina Tsalyuk, June 9, 04/ - BTA Mortgage JSC (Almaty), whose bonds are circulating in Kazakhstan stock exchange's (KASE) "B" listing category, has presented KASE auditor's report auditor's report of Ernst & Young (Almaty) on bank's consolidated financial statements for 2004 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2003 ---------------------------------------------------- --------- --------- Issued authorized capital (paid excluding withdrawn) 40,000 40,000 Shareholders' equity 60,702 195,129 Total assets 1,818,311 4,621,505 Sum of liquid assets 487,970 155,839 Amounts due from clients 1,326,845 4,319,191 Liabilities, total 1,757,609 4,426,376 Attracted loans (net) 1,280,247 4,392,920 Total revenues 278,986 841,209 Total expenses 259,408 706,782 Net income 19,578 134,427 ---------------------------------------------------- --------- --------- It's been calculated according to auditor's data: ---------------------------------------------------- --------- --------- Return on equity (ROE), % 32.25 68.89 Return on assets (ROA), % 1.08 2.91 -------------------------------------------------------------------------- * - unaudited 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. The Company offers consumer mortgage loans and renders different services. [2004-06-09]