OREANDA-NEWS. May 19, 2009. Eurasian Bank (Almaty), a company listed on the Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:

Eurasian Bank released consolidated financial statements for 2008, confirmed by independent audit company KPMG Audit LLP.

Bank assets as on December 31, 2008 reached KZT285,726,876 th. against KZT210,612,230 th. on December 31, 2007.

Own capital in 2008 grew to KZT49,858,784 th. from KZT43,556,401 th., including shareholder capital increasing up to KZT12,010,070 th. from KZT7,999,927 th.

Meanwhile in February 2009 the only shareholder of Eurasian Bank – Eurasian financial and industrial company - acquired 2,838,828 common shares of the bank using pre-emptive right. The deal increased authorized capital by KZT3,100,000.176 th. to KZT15,110,070.60 th.

Net profit in 2008 amounted to KZT2,373,320 th. against KZT5,603,329 th. in 2007.

"Despite of generally unfavorable market conditions and increasing provisions, Eurasian Bank finished 2008 in the black, and demonstrated growth in all principal indicators. In particular, assets grew, allthough the Bank repaid all foreign loans last year. This is an evidence of effective strategy implemented by the bank", - Zhomart Ertaev Bank Chairman said.

According to the statements the total debt of the bank to clients according to results of 2008 reached KZT129,404,608 th. against KZT119,450,137 th. a year before. At that, provision for impairment as on December 31, 2008 made up KZT6,423,120 th. against KZT3,692,412 th. according to results of 2007. Thus, the Bank increased provisions during the year from 3.09 % to 4.96 % of loan portfolio.

At the same period NPL, loans delayed 90 and more days, increased from 0.98 % to 4.24 % in loan portfolio. However, despite NPL growth, formed provisions fully cover the volume of non-performing loans.

Bank obligations grew from KZT167,055,829 th. to KZT235,868,092 th. during the year. Largely obligations grew thanks to an increase of deposit base. Current accounts and client deposits (legal entities and individuals) increased to KZT136,653,819 th. from KZT89,207,141 th.

* Consolidated statements of Eurasian Bank account financials of its subsidiaries (Insurance Company Eurasia, Eurasian Accumulative Pension Fund, Brokerage Company Eurasian Capital), sold to its shareholder (Eurasian Financial and industrial Company) in March 2009.