Baku, Azerbaijan, April 8
By Elena Kosolapova - Trend:
Kazakh Kazkommertsbank received profit in 2013 compared to loss in 2012, Novosti-Kazakhstan reported with reference to the bank's audited consolidated financial statements under international financial reporting standards (IFRS).
Bank's net profit hit 52.5 billion tenge (182.03 tenge =$1) in January-December 2013 compared to 132.3 billion tenge loss in the same period of 2012.
The bank's assets increased by 6.6 percent up to 2.586 trillion tenge in the reporting period, total deposits increased by 10.5 percent - up to 1.682 trillion tenge.
Net interest income before provisions increased by 15.1 percent to 141.5 billion tenge.
Level of non-performing loans (NPLs) at the end of 2013 amounted to 32.4 percent of the loan portfolio. Bank defines NPLs as 30 days overdue loans for corporate clients, 60 days overdue loans for retail customers.
Kazkommertsbank is one of the largest banks in Kazakhstan and the Central Asia. The Bank has subsidiaries engaged in pension system, management of pension and financial assets, insurance and broker services. The bank also has subsidiaries in Russia, Tajikistan and Kyrgyzstan. The bank's major shareholders are Central Asian Investment Company, head of the Board of Directors Nurzhan Subkhanberdin, Alnair Capital Holding, Kazakh Sovereign Wealth Fund Samruk-Kazyna, European Bank for Reconstruction and Development.
Kazakh Kazkommertsbank announces financial results for 2013
Kazakh Kazkommertsbank received profit in 2013 compared to loss in 2012