Kazkommertsbank forecasts net profit growth of 5-10% in 2011
ALMATY. April 1 (Interfax) - Kazakhstan's Kazkommertsbank expects its net profit according to IFRS to grow 5-10% in 2011.
"The net profit of our bank according to IFRS will rise 5-10%," Managing Director of the bank Sergey Mokrousov said at Friday press conference in Almaty.
In 2010, Kazkommertsbank posted a net profit of 22 billion tenge (145.7 tenge/$1) according to IFRS, or up 15.6% year on year.
According to the bank's consolidated audited financial statement, its assets rose 3.9% to 2,579 billion tenge in 2010.
Profit before tax amounted to 28.2 billion tenge, or a decrease of 16.8% compared with 2009.The volume of lending to clients (gross) grew 3% to 2,747 billion tenge.
The volume of lending to clients, less depreciation reserves, increased by 0.6% to 2,175 billion tenge as at December 31, 2010.
Retail deposits grew 37.8%.
The large shareholders of KKB are: JSC Central-Asian Investment Company (20.5%), KKB Board of Directors Chair Nurzhan Subkhanberdin (8%), Alnair Capital Holding, National Welfare Fund Samruk-Kazyna (18.4%), European Bank for Reconstruction and Development (8.3%) and Investment Company K.S.D. Ltd. (7.8%).
In the first half of 2010 Kazkommertsbank was ranked 9th by assets among the CIS banks and 1st among the Kazakh banks, according to the Interfax-1000 ranking prepared by the Interfax Center of Economic Analysis.