Bank CenterCredit JSC (Kazakhstan) has received budget subsidy

/IRBIS, Natalya Kuznetsova, November 9, 04/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release, that on October 26, 2004 Committee on distribution of budget subsidies at Ministry of agriculture has allotted the bank subsidy at the amount of KZT91 m. for realization of subprogram 107 "Financing of premium (interest) on credits, issued by commercial banks to enterprises on processing of agricultural products for replenishment of their circulating assets "by lots" meat processing" and " cereal crop processing". Information says that participation in this subprogram will allow bank's clients considerably cheapen credit resources that in its turn will allow them to direct free resources for expansion of productive capacity and increase of own working capital. Press release also notes that at present bank has positive experience of work in state programs, stipulated by republican budget, whose coordinator is Ministry of agriculture. In particular, during last year the bank has received reimbursement by the rate of interest for two borrowers for total amount of KZT50.5 m. In the current 2004 due to reimbursement of interest rate by Ministry of agriculture 36 bank borrowers have received lax credits. Economy for borrowers on the rate of premium for credits equaled to KZT253 m. The bank in the process of financing of agricultural projects takes all the efforts for giving lax credits in the frame of various state and international programs, being agent of Asian Development Bank, World Bank, European Reconstruction and Development Bank, Development Bank of Kazakhstan, Kazagrofinance, National innovation fund and international insurance agency. Assets of Bank CenterCredit JSC by the results of III quarter, 2004 exceeded USD1 bn.. From the beginning of 2004 bank's assets increased by more than 70%, in comparison with October 01, 2003 - by 88%. Net profit of the bank for the III quarter of 2004 increased in comparison with similar period of 2003 in 2.7 times and equaled to KZT1.8 bn. Shareholder's equity increased by 40% during 2004and equaled to KZT15 bn. as on October 01, 2004. Bank CenterCredit JSC is one of five largest banks of Kazakhstan. As on October 01, 2004 bank has 19 branches and 97 cash settlement divisions within all the territory of Kazakhstan. From the beginning of the year 14 new cash settlement divisions have been opened. The bank has long term rating on bank deposits in foreign currency Ba1 from Moody's Investors Service rating agency and "В+" from Fitch Ratings. [2004-11-09]