OREANDA-NEWS. July 18, 2011. JSC Eurasian Bank (further “Bank”) held a press-conference on the results of activity for the first half of 2011. The speakers were the Chairman of the Board Michael Eggleton and Managing Director Anna Bichurina, reported the press-centre of Eurasian Bank.

Journalists of the leading business and socio-political mass media of Kazakhstan were present at the press-conference.

In his introductory speech Michael Eggleton reported that during the first six months of 2011 the Bank continued improving its key financial indicators.

Main indicators from Profit and Loss Statement for the first half of year 2011 compared with the same period of 2010:

Net interest income increased by 177%;

Operating income before provisions grew by 83.4%;

Cost Income Ratio decreased by 22.2%;

Net interest margin (NIM) widened by 176.5%;

Net income (profit) amounted to 2.270 billion tenge compared with a loss of 1.266 billion tenge in the first six months of 2010;

Total production of ProstoCredit for 1H11 surpassed the full year 2010 production;

Total unique clients have increased 96.8% YtD; and The YtD Interest Income received in cash as a percentage of Total Interest Income was 95.4%.

According to M. Eggleton the above information highlights that the Bank’s operating income continues growing.

Commenting the decrease of Bank’s assets in the first half of 2011 by 4.9% compared with the beginning of the year the speaker noted that the decrease was the result of the Bank’s policy for optimization of the asset structure and minimization of excess liquidity pressure on the Bank’s profit. 

Equity capital, which is the main indicator of the Bank’s financial stability, rose 9.1% over the six months of the current year to reach 28.2 billion tenge as at July 1, 2011. The growth of the capital was due to profit capitalization, which proves that the main shareholders are determined to develop the Bank into a leading financial institution of the republic.

Further M. Eggleton passed the word to the Bank’s Managing Director Anna Bichurina, who commented on several peculiarities of financial reports for the first half of the year and in more details dwelled upon the key financial indicators.

After the main speeches the speakers answered multiple questions of journalists.

At the end of press-conference Board Chairman Michael Eggleton thanked the participants of meeting for active work and remarked: “In the reporting period the financial indicators of the Bank demonstrated a sustainable improvement. We can assert that Eurasian Bank has entered the stage of steady post-crisis development.”

The unconsolidated financial statements of JSC Eurasian Bank can be found on the Bank’s website at www.eubank.kz (http://eubank.kz/ru/about.php?id=130).