Kazakh subsidiary of international banking group ups profit in 2011

Business Materials 2 May 2012 17:17 (UTC +04:00)

Azerbaijan, Baku, April 2 / Trend E. Kosolapova/

Kazakh subsidiary of HSBC international banking and financial group - HSBC Bank Kazakhstan increased net profit by 8.3 percent in 2011, Novosti-Kazakhstan reported with the reference to the bank's audited financial statements under international financial reporting standards (IFRS).

The bank's net profit amounted to 3.333 billion tenge (22.52 million) in 2011 compared to 3.077 billion tenge ($20.79 million) in 2010.

The bank's assets decreased by 32.6 percent in the reporting period to 164.756 billion tenge ($1.113 billion), liabilities decreased by 36.3 percent - to 145.241 billion tenge ($981.49 million), equity increased by 20 percent - to 19.515 billion tenge ($131.88 million)

HSBC is one of the world's largest banking and financial services organizations. Its network covers 85 countries and territories in Europe, the Asia-Pacific region, the Middle East, Africa, North America and Latin America.

HSBC Bank Kazakhstan has been operating in Kazakhstan since 1998.