Auditor's report on financial statement of BTA Mortgage JSC (Kazakhstan) for 2004

/IRBIS, Galina Tsalyuk, April 8, 05/ - BTA Mortgage JSC (Almaty), whose bonds are circulating in Kazakhstan stock exchange's (KASE) "B" listing category, has presented KASE auditor's report auditor's report of Ernst & Young (Almaty) on bank's consolidated financial statements for 2004 prepared in compliance with International Financial Reporting Standards (IFRS). Result of the bank's consolidated financial and economic activity as of December 31 of 2004 is presented by the following figures, in accordance with the auditor's data (in th. KZT, unless otherwise specified): ------------------------------------------------------------------------- Indicator Dec 31, 03 Dec 31, 04 ------------------------------------------------- ---------- ---------- Authorized capital (paid-up) 40,000 1,269,992 Shareholders' equity 195,129 1,736,460 Total assets 4,621,505 9,694,816 Sum of liquid assets 196,511 237,425 Mortgage loans to clients 4,319,191 9,267,562 Liabilities, total 4,426,376 7,958,356 Attracted loans (excluding bonds) 4,392,920 5,160,554 Bonds issued - 2,679,792 Net interest revenues before reserves 124,580 305,098 Non interest revenues 16,487 259,891 Commission fees, net 256,690 450,277 Non interest expenses 199,125 462,825 Reserves 64,205 239,455 Net income 134,427 311,339 ------------------------------------------------- ---------- ---------- It's been calculated according to auditor's data: ------------------------------------------------- ---------- ---------- Return on equity (ROE), % 68.89 17.93 Return on assets (ROA), % 2.91 3.21 ------------------------------------------------------------------------- Audit of the bank's financial statements was performed by Ernst & Young in compliance with International Standards on Auditing. Consolidated financial statements include financial statements of the company and its affiliate, Dom Service LLP (from January 1, 2004), 100% participation stake was sold in July 2004. In the auditor's opinion the financial statements present fairly, in all material respects, the financial position of bank's as at 31 December 2004, and the results of its operations and its cash flows for the year then ended, in accordance with IFRS. The Company offers consumer mortgage loans and renders consulting, construction, loan services. [2005-04-08]