Kazakh bank attracts Indian investors
Baku, Azerbaijan, Nov. 20
By Rashid Shirinov – Trend:
For the second time in 2018, Kazakh Tengri Bank has successfully attracted funds of foreign investors in the financial sector of the country, Kazakh media reported.
Until recently, the Kazakh side owned 51 percent of the bank's shares, while the Indian Punjab National Bank held 49 percent of the shares. However, to date, the share of foreign partners has increased to 53.5 percent due to investments by a group of Indian businessmen.
For the first 10 months of this year, the bank's equity increased by 4.5 percent, while the net profit from operating activities increased by 180.2 percent and amounted to 3 billion tenge.
During the reporting period, interest income increased by 53.1 percent year-on-year, interest expenses - by 42.5 percent, and net commission income - by 3.6 times, from 547 million to 1.99 billion tenge.
In January-October, the assets of Tengri Bank increased by 15.7 percent and amounted to 142.1 billion tenge, with money and its equivalents increasing by 140.3 percent, and securities - by 171.7 percent.
Tengri Bank was founded in October 1992. In December 2010, Punjab National Bank, the second largest Bank in India, acquired a controlling stake in the bank. Currently, Tengri Bank operates in seven cities of Kazakhstan.
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