Kazkommertsbank swings to $870 mln loss in 2012
ALMATY. April 24 (Interfax) - Kazakhstan's Kazkomertsbank closed 2012 with net losses of 139.932 billion tenge ($870 million) to International Financial Reporting Standards (IFRS), compared with profit of 23.52 billion tenge in 2011, the bank said in a report.
Analysts said in a consensus forecast for Interfax that they expected earnings to rise 11.6%.
The bank said loan loss provisions were responsible for the losses.
Pretax losses were 163.786 billion tenge in 2012, compared with profit of 31.177 billion tenge in 2011.
Assets fell 4.7% in the year to 2.445 trillion tenge.
Kazkommertsbank is one of the largest banks in Kazakhstan and has subsidiaries in Russia, Tajikistan and Kyrgyzstan, which specialize in the pension fund schemes, pension assets and financial assets management, insurance and brokerage business.
Major shareholders of Kazkommertsbank include Central Asian Investment Company and chairman of the board Nurzhan Subkhanberdin, Investment Company K.S.D. LLP, the Kazakh government through Samruk-Kazyna National Welfare Fund and European Bank for Reconstruction and Development.
According to the State Financial Supervisory Committee of Kazakhstan's National Bank, in 2012 Kazkommertsbank was ranked first by assets among 38 second tier banks operating in Kazakhstan.
