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Kazakhstan commercial banks net profits grow 53.6% during first eight months of 2006

According to a news release f rom Kazakhstan’s Financial Supervision Agency, the country’s commercial banks generated 75.9 billion KZT profit during the first 8 months of 2006, an increase of 53.6% compared to the same period in 2005. Revenues of the 34 banks grew 80.9% over the same period, reaching 530.9 billion KZT as of 1 September 2006, against expenses of 455.0 billion KZT, up 86.4%.

Equity capital of the banking sector reached 867.8 billion KZT as of 1 September 2006, up 47.8% year-to-date, with total assets of 6,285 billion KZT, a 39.2% increase. Credit port folios, including inter-bank loans, increased by 42.5% to 4,3635 billion KZT including 59% of standard loans, 38.7% o f doubtful loans, and 2.3% of bad loans.

The total amount deposited by individuals and entities with banks was 3,548.4 billion KZT as of 1 September 2006, a 40.6% increase over the first eight months, including 2,733.3 billion KZT deposits by entities, a 41.9% growth, and 815.1 billion KZT of retail deposits, a 36.6% boost.

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