/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):

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Indicator                                        2002        2003
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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
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Calculated according to audited statement:
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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
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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]