BTA Bank swings to Q1 net profit
ASTANA. May 17 (Interfax) - Kazakhstan-based BTA Bank posted 1.598 billion tenge of net profit to International Financial Reporting Standards (IFRS) in Q1 2011, compared with a net loss of 35.886 billion tenge in the same period last year, the bank said.
In the first quarter this year the bank's assets shrank 0.3% to stand at 1.89 trillion tenge as at March 31, 2011; liabilities fell 0.4% to 1.992 trillion tenge; and negative equity narrowed 3% to 101.8 billion tenge (145.79 tenge/$1 on May 17).
After the debt restructuring process that was completed in September 2010, BTA Bank, which defaulted in 2009, came under the control of Samruk-Kazyna (81.48%), the other 18.5% is owned by the creditors affected by the restructuring.
In the first half of 2010 BTA Bank was ranked 15th by assets among the CIS banks and 3rd among the 39 Kazakhstan-based banks, according to the Interfax-1000: CIS Banks ranking prepared by the Interfax Center of Economic Analysis.