Bank CenterCredit JSC (Kazakhstan) intends to expand participation in realization of the programs for agricultural producers support

/IRBIS, Ranida Gabdeyeva, August 12, 04/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release, which says that on August 10 European bank for reconstruction and development (hereinafter EBRD) and Bank CenterCredit JSC signed Agreement on Grain Receipts Program concerning increasing of credit line from 3 to 6 m US dollars. The bank says that one of the leading Dutch banks Rabobank took part in this credit line besides EBRD that is the confirmation of growing acknowledgement of Bank CenterCredit JSC at international markets. In the nearest future Bank CenterCredit JSC intends to increase this limit to $9 m by attracting new foreign banks on Grain Receipts Program. According to the message, this program will let Bank CenterCredit JSC finance Kazakhstan grain companies, which are the bank's clients, on the security of grain receipts. Funds given by EBRD on this program, will be used for seeding and harvesting needs of companies. "Participation in this program lets the bank get cheaper funds from EBRD and finance its clients on more profitable conditions", - says the message. At present the bank cooperates with EBRD on small business crediting, trade financing program, grain receipts and in the future it plans to expand its cooperation with EBRD on several new projects. In addition, Bank CenterCredit JSC has informed that according to results of the first six months of 2004 the bank's net profit grew in comparison with similar period of 2003 (KZT463 m) more than 2.4 times to KZT1,125 m. Return on equity (ROE) was 23.9%. As of July 1 of 2004 assets of Bank CenterCredit JSC were equal to KZT120.5 bn having increased since the beginning of the year by 46%, in comparison with July 1 of 2003 - by 82%. Bank's liabilities were equal to KZT110.9 bn having increased since the beginning of the year by 47%. Bank's shareholders equity was equal to KZT12.3 bn. Bank CenterCredit JSC is one of five Kazakhstan big banks. As of January 1 of 2004 the bank had 19 branches and 88 cash-settlement offices. Bank CenterCredit JSC has "Ва1" long-term rating on deposits in foreign currency assigned by Moody's Investors Service and "В+" assigned by Fitch Ratings. [2004-08-12]