Kazkommertsbank increases profit by 14 percent
Azerbaijan, Baku, Nov. 29 /Trend E. Kosolapova/
Kazakh Kazkommertsbank (KKB) increased net profit by 14 percent in Jan.- Sep up to 17.9 billion tenge against 15.7 billion tenge in the same period of 2010, according to bank's consolidated report under IFRS (International Financial Reporting Standards).
Risk-weighted assets and contingent liabilities decreased by 7.3 percent to 2,390 billion tenge in the reporting period.
Total bank's assets totaled 673.8 billion tenge ($ 18.1 billion) on Sep. 30 .
Net interest income before provisions for impairment losses decreased by 17.5 percent from 104.8 billion tenge to 86.4 billion tenge.
Net non-interest income amounted to 5.9 billion tenge compared to 7.0 billion tenge.
KKB's operating expenses grew by 1.9 percent in Jan- Sep. compared to the same period in 2010 and amounted to 24.3 billion tenge.
On Nov. 29 the official rate was 147, 48 tenge / $ 1 .
Kazkommertsbank is one of the largest banks in Kazakhstan and Central Asia.
In addition to its core banking business (retail and corporate) KKB has subsidiaries active in pension fund management, asset management, insurance and brokerage. KKB also has foreign subsidiaries in the Russian Federation, Kyrgyzstan and Tajikistan.
Major shareholders of Kazkommertsbank include Central Asian Investment Company and Chairman of the Board Mr. Nurzhan Subkhanberdin, Alnair Capital Holding, the Kazakh Government through the Samruk-Kazyna National Welfare Fund and the European Bank for Reconstruction and Development.
KKB is first CIS bank, completed an IPO in GDR form on the London Stock Exchange.