Temirbank's net profit drops 98.5% in H1
ALMATY. Aug 10 (Interfax) - Kazakhstan-based Temirbank posted in half-year net profit of 1.2 billion tenge (146.84 tenge/$1 on August 10, 2011) compared with 76.5 billion tenge in January-June last year, according to the bank's financial statements under IFRS.
Therefore, the bank's net profit fell 98.5% in the reporting period.
As reported, in 2010 Temirbank completed debt restructuring that started in 2009. The bulk of the last year's profit was from revenues generated that came about as a result of the restructuring.
In the first six months of this year the bank's assets rose 1.5% and stood at 247.6 billion tenge as at July 1, 2011, liabilities grew 1.2% to 190.7 billion tenge and equity capital expanded 2.2% to 56.8 billion tenge.
In summer of 2010 Kazakhstan-based BTA Bank lost control of Temirbank. Currently, the major shareholder of Temirbank is National Welfare Fund Samruk-Kazyna (79.9%).
In 2010 Temirbank was ranked 124th by assets among the CIS banks and 14th among the Kazakh banks, according to the Interfax-1000: CIS Banks ranking prepared by the Interfax Center of Economic Analysis.