Kazakh Kazkommerzbank ups net income by 15 percent in first quarter of 2013
Azerbaijan, Baku, May 16 / Trend E. Kosolapova/
Kazakh Kazkommerzbank increased net income by 15 percent to 7.308 billion tenge (151.21 tenge = $1) in first quarter of 2013, the Bank reported.
Bank's net income was 6.360 billion tenge in the same period of 2012.
Kazkommerzbank's total assets increased by 4.7 percent to 2.560 trillion tenge from 2.445 trillion tenge at the end of 2012.
Total deposits increased by 9.4 percent to 1.700 trillion tenge.
Net interest income before provisions for impairment losses amounted to 30.4 billion tenge in the first quarter of 2013 compared to 30.5 billion tenge in the first quarter of 2012.
Net non-interest income decreased to 7.5 billion tenge in the first quarter of 2013 compared to 11.5 billion tenge in the first quarter of 2012. The decrease in net non-interest income was mainly attributable to the unrealised loss on the derivative financial instruments.
Fee and commission income increased by 16.7 percent to 7.1 billion tenge in the reporting period from 6.1 billion tenge in the same period 2012. Increase in fee and commission income was mainly attributable to growth in commissions on banking cards operations by 20.8 percent and settlements by 10.0 percent.
Operating expenses decreased by 6.8 percent to 7.8 billion tenge in the first quarter of 2013 compared to 8.3 billion tenge in the first quarter of 2012. This was mainly due to decrease in staff expenses by 11.8 percent or 568 million tenge.
Kazkommertsbank (KKB) is one of the largest banks in Kazakhstan and Central Asia with total assets of 2,560.4 billion ($17 billion equivalent) at 31 March 2013. 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 National Wealth Fund Samruk-Kazyna and the European Bank for Reconstruction and Development.