Kazakhstan’s subsidiary bank operating in Uzbekistan increases its total assets

Finance Materials 28 January 2021 11:11 (UTC +04:00)

BAKU, Azerbaijan, Jan. 28

By Klavdiya Romakayeva - Trend:

Tenge Bank, the subsidiary bank of National Bank of Kazakhstan JSC, came out in plus and began to make a profit in 2020, Trend reports referring to the Unified portal of corporate information.

According to the results of the fourth quarter of 2020, the bank ended last year in positive territory with net profit amounting to 21.9 billion soums ($2 million) (before operating expenses - 57.4 billion soums - $5.5 million).

In addition, the total assets of the bank increased 4.4 times and reached 1.59 trillion soums ($151 million).

At the same time, equity capital increased almost 3.1 times and amounted to 361.1 billion soums ($34 million).

Liabilities also increased significantly (five times), reaching 1.23 trillion soums ($117 million). Net interest income was eight times higher compared to 2019 and reached 50.2 billion soums ($4.8 million).

Tenge Bank JSCB is a universal bank that provides financial services to all categories of corporate and retail clients using modern banking technologies. The bank is a 100 percent subsidiary bank of the National Bank of Kazakhstan JSC, which entered the Uzbek market in the summer of 2019.

It was reported that the bank's net loss in 2019 amounted to 2.8 billion soums ($266,770).


Follow the author on Twitter: @romakayeva