Bloomberg News

BTA Bank Says Income Tax Added $365 Million to First-Half Loss

October 21, 2011

Oct. 21 (Bloomberg) -- BTA Bank, Kazakhstan’s biggest lender before it defaulted in 2009, said its first-half net loss rose by 54 billion tenge ($365 million) in the final report compared with the preliminary results for the same period as income-tax expenses increased.

The bank had a loss of 102.6 billion tenge in the first half compared with a preliminary loss of 48.4 billion tenge in the same period reported in August, the bank said in an e-mailed statement today.

“The increase of the loss in the final report compared to the preliminary one is related to review of the deferred income tax, which was earlier recognized in the 2010 report,” the Almaty-based lender said. The lender’s corporate income-tax expense rose to 62.7 billion tenge in the final report for the first half compared with 3.3 billion tenge reported as preliminary results for the same period, the bank said.

BTA Bank’s capital shortfall widened to 216.7 billion tenge in the final report for the first half compared with 162.5 billion tenge in the preliminary results. The bank said it lost 82.5 billion tenge in the first half of last year.

--Editors: Steve Bailey, Stephen Taylor

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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