Kazakh Mortgage Company increases assets by 14%
Astana, Kazakhstan, Nov. 12
By Daniar Mukhtarov - Trend:
The Kazakhstan Mortgage Company increased its assets by 14 percent up to 175 billion KZT (180.87 KZT = $1) in nine months of 2014, the KMC said Nov. 12.
Under the consolidated financial statement, the KMC's liabilities rose by five percent to 130 billion KZT, and the equity capital increased by 51 percent, standing at 45 billion KZT. The net income in nine months of 2014 totalled 1.2 billion KZT.
Construction works have been completed in the city of Almaty as part of the 'Affordable Housing - 2020' program through the Housing JSC, which is one of the program's operators.
The construction of 94,527 square meters of housing in the cities of Pavlodar, Shymkent, Astana and Karaganda is underway. The Housing JSC, as part of its own program named 'Lease with subsequent purchase' (Lease-Purchase) is selling over 24,000 square meters of housing in the city of Almaty.
The Kazakhstan Mortgage Company has been in the market since December 2000. KMC is a stable, dynamically developing financial institution, and at the same time it is a state entity with a social orientation.
The National Holding Baiterek is the shareholder in the KMC.
The KMC's main activity includes redemption of rights of requirements on loan portfolios from the second tier banks, the implementation of its own programs and initiatives for the development of rental housing and others.
Edited by CN