Bank CenterCredit JSC (Kazakhstan) reported on activities in first quarter of 2005

/IRBIS, Natalya Kuznetsova, May 16, 05/ - Bank CenterCredit JSC (Almaty), with shares and bonds circulating in official securities list of Kazakhstan stock Exchange (KASE) under "A" category, released an announcement today reporting on its financial results in the first quarter of 2005. As at April 1, 2005 total assets in the bank amounted KZT195.6 bn., up by 6% year-on-year. Shareholders eqity for the period rose by 65 pct to KZT13.2 bn. The growth was due to increase in retained earnings by KZT2.7 bn. and paid-in capital by KZT2.5 bn., the release says. By results of the first quarter of 2005, the bank earned a net income of KZT773 m. up by 36.7% compared to similar period of the last year. The Bank reports its assets for 2004 grew by 81% to KZT148.4 bn., shareholders equity rose by 64% to total KZT12.2 bn at 2004 year-end. Net income of Bank CenterCredit JSC in 2004 rose in comparison with 2003 1.9 times to KZT2.4 bn. Loan book growth equaled 76% and amounted KZT91.4 bn. Retail credit portfolio amounted KZT19.2 bn having increased 2.3 times. Demand deposits of clients relative to previous year rose 2.1 times and totaled KZT68.4 bn,. Net interest income rose 1.7 times compared to 2003 and totaled KZT12.3 bn. (primarily due to increase in interest income on loans granted). According to the Bank return on equity for 2004 totaled 26%, whereas return on assets amounted 2.1%. As of April 2005 the Bank operates 19 branches and 100 cash-settlement offices throughout whole Kazakhstan. Moody's rates Bank's LT foreign currency deposits Ba1, while Fitch Ratings Ltd. assigned 'B+' rating. [2005-05-16]