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

/IRBIS, Galina Tsalyuk, July 2, 04/ - Tsesnabank JSC (Astana), whose securities are circulating in the official "A" listing category of Kazakhstan stock exchange Inc. (KASE), has presented to KASE auditor's report made by Ernst & Young (Almaty), which was made on the bank's financial statement for 2003 prepared in compliance with international accounting standards (IAS). Result of the bank's financial and economic activity in 2003 is as follows, in accordance with audited statement's data (th. KZT, unless otherwise specified): ----------------------------------------------------------------- Indicator 2002 2003 ------------------------------------------ --------- ---------- Authorized capital (paid) 531,067 531,067 Shareholders' equity 1,014,801 1,333,839 Total assets 8,913,646 12,146,159 Liquid assets 3,078,852 3,650,870 Loans and advances to clients (net) 5,431,126 7,522,837 Indebtedness of credit institutions 128,902 520,779 Liabilities, total 7,621,080 10,513,188 Indebtedness to clients 6,793,295 8,936,524 Borrowed loans 1,073,208 1,843,744 Net interest income 723,193 848,405 Net commission income 272,807 330,610 Reserves 162,208 168,635 Net income 229,816 319,038 ------------------------------------------ --------- ---------- Calculated according to audited statement: ------------------------------------------ --------- ---------- Return on equity (ROE), % 22.65 23.92 Return on assets (ROA), % 2.58 2.63 Earnings per share (EPS), KZT 432.74 600.75 Book value of one share, KZT 1,910.87 2,511.62 ----------------------------------------------------------------- Audit of the bank's financial statement for 2003 was conducted by Ernst & Young in compliance with international auditing standards. The bank's financial statement for 2002 made in compliance with the requirements of Kazakhstan legislation was correspondingly corrected and reclassified in order to conform with IAS. In the auditor's opinion the financial statement in all essential aspects for sure reflects the bank's financial condition as of December 31 of 2002 and 2003, and also results of its activity and cash flow for the years, which ended by the mentioned dates, in compliance with IAS. [2004-07-02]