BTA Bank posts 15 bln tenge in IFRS net profit in H1
ALMATY. Aug 27 (Interfax) - Kazakhstan's BTA Bank earned 15.6 billion tenge in net profit to International Financial Reporting Standards (IFRS) in the first half of 2013, compared to a 9.8-billion tenge loss in the same period last year, the bank's First Deputy CEO Ashat Beisenbayev said at a Tuesday press briefing in Almaty, citing the bank's unaudited consolidated financial statements to IFRS.
According to Beisenbayev, the bank had net interest income of 17 billion tenge due to a considerable decrease in debt load based on restructuring in 2012 and a decrease of relevant interest expenses.
"In addition, Samruk-Kazyna's bond yield increased by 3.5 billion tenge in comparison with the same period of the previous year due to an increase in the coupon rate from 4% to 6% as the result of the 2012 restructuring," said the bank in a statement.
BTA Bank also continued working on decreasing its operational expenses. HR expenses decreased by 9% year-on-year, and other operational expenses decreased by 4.3 billion tenge (36%).
"The successful completion of the 2012 restructuring gave rise to positive changes in the bank's activities. During the post-restructuring period, the bank focused on restoring its former market positions, continued working on optimizing its activities and increasing the loan portfolio," Beisenbayev said.
For the first six months of 2013, the group's assets increased by 10.6 billion tenge to 1.621 trillion tenge. The loan portfolio was worth 636 billion tenge, a slight decrease of 1% from January 2013. Liabilities decreased by 0.6% to 1.334 trillion tenge.
Amounts due to credit institutions decreased by 15.6% to 54.7 billion tenge.
"The decrease was due to the bank's repayment of its liabilities on the Revocable Committed Trade Finance Facility (RCTFF) in accordance with the fixed schedule," the bank said in the statement.
The group's equity increased by 7% to 287.4 billion tenge.
The first-tier capital adequacy ratio calculated in accordance with the 2004 Basel Accord was 24.1%.
In September 2010, BTA Bank completed debt restructuring, as a result of which its debts were slashed from $16.65 billion to $4.2 billion. As a result of the bank's second restructuring, which was completed in late 2012, BTA Bank's debts shrank to $3.3 billion. After the second restructuring, Samruk-Kazyna's holding in BTA Bank rose to 97.26%.
The official exchange rate on August 27 was 152.33 tenge/$1).
