Auditors' report on financial statements of Bank CenterCredit JSC (Kazakhstan) for 2004

/IRBIS, Galina Tsalyuk, April 15, 05/ - Bank CenterCredit JSC (Almaty), whose securities are circulating in Kazakhstan stock exchange's (KASE) official "А" listing category, has presented to KASE auditor's report of Deloitte (Almaty) made on bank's consolidated financial statement for 2004, prepared in compliance with International Accounting Standards. According to the auditor's data, the following indexes are result of the bank's financial and economic activity as of December 31 of 2004 (th. KZT, unless otherwise specified): ------------------------------------------------------------------ as of as of Indicator Dec 31, 03 Dec 31, 04 ----------------------------------------- ---------- ----------- Authorized capital (paid) 5,166,988 7,465,898 Shareholders equity 7,440,592 12,211,423 Total assets 81,913,018 148,483,666 Total liquid assets 16,129,574 41,027,477 Loans to clients (net) 52,068,761 91,456,228 Banks' indebtedness 9,494,053 9,745,108 Securities purchased on repo transactions 68,182 7,843,313 Liabilities, total 74,425,934 136,208,246 Indebtedness to clients 47,643,364 91,343,273 Indebtedness to banks 20,728,383 34,963,481 Securities sold on repo operations 1,332,711 - Bonds issued 4,102,079 8,985,452 Net interest incomes before reserves 3,628,604 6,041,666 Net non-interest incomes 2,583,931 4,226,783 Operational expenses 3,387,728 4,963,739 Deductions to reserves 1,439,341 2,536,714 Net profit 1,293,901 2,471,921 Earning per 1 share, KZT* 63.61 82.16 ----------------------------------------- ---------- ----------- Calculated according to audited data: ----------------------------------------- ---------- ----------- Return on equity (ROE), % 17.39 20.24 Return on assets (ROA), % 1.58 1.66 Price earnings ratio (P/E) 3.22 2.47 Book value of one share, KZT* 365.81 405.90 ------------------------------------------------------------------ * - calculated per weighted average number of shares. Audit of the bank's and its daughter companies (the Group) consolidated financial statement was made by Deloitte & Touche in compliance with international auditing standards. The Group's consolidated financial statement for year 2004 comprises financial statement of the bank and its daughter companies: KIB Asset Management JSC (Almaty, securities operations, 100% of offered shares), OAPF Kapital CJSC (Almaty, pension fund, 85% of offered shares), Center Leasing LLP (Almaty, financial leasing, 100% ownership), as well Aktas-Zhol LLP (Almaty, property appraisal and leasing) and BCC LLP (Almaty, realty appraisal, leasing) in which the bank does not have a market share but has a right to control their activities. In the auditor's opinion, the financial statement exactly in all essential aspects reflects the Group's financial position as of December 31 of 2004, as well as results of its activity and cash flow for the year, which ended by the mentioned date, in compliance with IAS. [2005-04-15]