Baku, Azerbaijan, May 3
By Elena Kosolapova – Trend:
Kazakh Tsesnabank had 4.927 billion tenges (315 tenges = $1) of net profit in 1Q2017 as compared to 6 billion tenges in the same period of 2016, according to the bank’s financial statements posted on the website of the Kazakhstan Stock Exchange (KASE).
The bank’s revenues in this period hit 5.49 billion tenges compared to 6.83 billion tenges in 1Q2016.
The bank’s assets decreased from 2.26 trillion tenges in the beginning of 2017 to 2.237 trillion tenges at the end of March.
The capital of the bank increased from 168.334 billion tenges to 173.765 billion tenges in January-March 2017. Its liabilities decreased from 2.09 trillion tenges to 2.06 trillion tenges in the reporting period.
Tsesnabank, Kazakhstan’s 3rd largest bank, was established in 1992. The bank’s core business lines are corporate, SME and retail banking. Headquartered in Astana, the bank’s branch network consists of 22 full-service branches and 146 outlets throughout Kazakhstan.
In February Tsesnabank announces its plans to merge with Kazakh Bank CenterCredit. In a joint message the banks noted that the merger will create a bigger financial institution that will maintain its position as one of the leaders in the banking sector of the country in the corporate lending segment, financing of small and medium-sized businesses, as well as in the field of retail lending and banking services, said the message.
Follow the author on Twitter: @E_Kosolapova