Development Bank of Kazakhstan net profit narrows 84.4% in Q1
ALMATY. May 11 (Interfax) - The Development Bank of Kazakhstan (DBK) in January-March 2017 earned 1.164 million tenge in net profit, 84.4% below the level of the first three months of last year, according to the IFRS consolidated financial report.
Profit before tax dropped 71.5% in the reporting period to 2.195 billion tenge, net interest income increased 14.5% to 11.524 billion tenge, net commission expense totaled 315.5 million tenge against 105.7 million tenge in net commission returns in the first quarter of 2016, operating profit decreased 29.3% to 10.416 billion tenge. (318.43 tenge / $ 1.)
Bank assets decreased 6.2% to 2.298 trillion tenge, equity capital was up 1.4% to 376.4 billion tenge, while authorized capital remained at 373.7 billion tenge. Liabilities, meanwhile, decreased 7.5% to 1.922 trillion tenge.
DBK was organized in 2001. The bank finances medium- and long-term investment projects in infrastructure and non-resource sectors and attracts external and internal investment in the republic. DBK is part of National Holding Baiterek, which was created in May 2013 to manage the stakes in the national institutes of development, national companies and other legal entities. Baiterek manages 10 national development institutions.
