Bank CenterCredit JSC (Kazakhstan) about results of retail crediting in 2004

/IRBIS, Natalya Kuznetsova, February 3, 05/ - Bank CenterCredit JSC (Almaty), whose securities are traded in Kazakhstan stock exchange's (KASE) official "A" listing category, today spread press-release summarizing results of retail crediting in 2004. The press-release says retail crediting is one of priority directions in the development of Bank CenterCredit JSC. In 2004 bank achieved the considerable results in this sphere. Within 12 months of 2004 bank gave over 25.5 th. retail credits for a total of over KZT21.5 bn., of them: - 21.8 th. credits on own crediting programs for over KZT13 bn.; - 3.7 th. credits on the program of Kazakhstan Mortgage Company JSC (KMC JSC) for over KZT8.5 m. Loan portfolio of physical persons grew almost two times to KZT25 bn. It's also said mortgage is also an important direction of retail crediting in the bank. Bank's main partner on mortgage crediting is KMC JSC. In company's loan portfolio stake of credits of Bank CenterCredit JSC by the beginning of November was over 40%. As the whole bank's stake on mortgage crediting market is about 14% (USD134 m.). In 2005 Bank CenterCredit JSC also intends to increase loan portfolio at least 2 times and increase its presence on retail crediting market. Banks intends to develop its own programs of mortgage crediting. Bank has programs for people unable to confirm their official incomes. In case of pawning a deposit at the rate of 25% of purchased lodging cost, or making over 40% initial installment loans can be given without presentation of revenue certificates if crediting term is below 15 years. For clients' convenience interest rates on standard crediting schemes are fixed and there are no penalty provisions for prescheduled repayment. One of considerable measures on decreasing interest rates and increasing crediting terms is issuing of own mortgage bonds. At present there are there issuers on mortgage bonds market - KMC JSC, BTA Ipoteka JSC and Bank CenterCredit JSC. First two issuers are specialized mortgage companies (here bank forgot to mention Astana-Finance JSC, which had also issued mortgage bonds - note of IRBIS). Besides, at present Bank CenterCredit JSC negotiates about borrowing funds from EBRD for mortgage crediting. Bank says it constantly improves program of car credits, consumer crediting, crediting of urgent needs, crediting on the security of a deposit and corporate crediting. The most notable event in 2005 was a new program of car crediting. Bank has become the first one, who started giving loans for purchasing cars on secondary market without confirmation of income. Assets of Bank CenterCredit JSC, according to results of the III quarter of 2004 exceeded $1 bn. Since the beginning of 2004 bank's assets have grown by over 70%, and in comparison with October 1 of 2003 - by 88%. Bank's net income grew 2.7 times within the III quarter of 2004 in comparison with similar period of 2003 to KZT1.8 bn. Equity capital grew in 2004 by 40% to KZT15 bn. by October 1 of 2004. Bank CenterCredit JSC is one of five biggest Kazakhstan banks. As of October 1 of 2004 it had 19 branches and 97 cash-settlement offices in Kazakhstan. Bank has "Ва1" long-term rating on bank deposits in foreign currency assigned by Moody's Investors Service and "В+" assigned by Fitch Ratings. [2005-02-03]