Bloomberg News

Centercredit Swung to Profit Last Year After Loan Restructuring

February 22, 2012

Feb. 22 (Bloomberg) -- Bank Centercredit, the Kazakh lender part-owned by South Korea’s Kookmin Bank, swung to a profit of 2.7 billion tenge ($18.5 million) last year from a 30.7 billion tenge loss in 2010.

Total assets shrank to 1.1 trillion tenge, compared with 1.2 trillion tenge a year earlier, even as loans to customers and banks advanced 9.3 percent to 764.8 billion tenge, the Almaty-based bank said in a consolidated financial report calculated under international standards and published on its website today. Kookmin owns 41.9 percent of the Centercredit.

Centercredit improved returns on its loan holdings after restructuring part of the portfolio, Timur Ishmuratov, treasury director at the bank, said by phone today. Profits at the bank’s units, including its brokerage and pension fund, contributed to last year’s earnings, he said.

While the lender doesn’t plan to borrow abroad, it may consider domestic debt sales this year, Ishmuratov said.

--Editors: Paul Abelsky, Alan Crosby

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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