Bloomberg News

BTA Assets Shrank by 85 Billion Tenge Last Month, Regulator Says

March 27, 2012

BTA Bank (BTA), the biggest Kazakh lender before defaulting on $12 billion of debt in 2009, lost 85.1 billion tenge ($576 million) in assets last month amid plans to restructure debt for the second time in as many years.

Assets shrank to 1.476 trillion tenge in February from 1.561 trillion tenge in January, the Kazakh central bank’s financial oversight committee said in a monthly report on its website today. The liabilities of the lender exceeded assets by 385.2 billion tenge as of March 1, compared with a gap of 300 billion tenge a month earlier, the regulator said.

BTA is negotiating its second debt restructuring since 2010 after failing to make an interest payment on its July 2018 dollar bonds in January. The lender said March 1 that its workforce will be reduced by 25 percent.

The following table shows the one-month performance of Kazakhstan’s five largest lenders by assets, along with seventh- ranked Alliance Bank and 13th-ranked Temirbank, and their position as of March 1. The data from the oversight committee are in billions of tenge:

================================================================
Bank                 Assets     Loans    Provisions  Profit/
                             Outstanding              Loss
================================================================


Kazkommertsbank      2,429.5   2,283.3      834.5       0.24
Halyk Bank           2,443.4   1,337.4      330.8       6.57
BTA Bank             1,475.5   2,058.2    1,212.0      27.77
Bank Centercredit    1,100.6     803.9      132.1       0.17
ATF Bank               961.6     838.2      173.8      -1.91
Alliance Bank          562.2     544.8      245.2      -3.07
Temirbank              258.7     220.6      114.6       1.32
All 38 Banks        13,127.2  10,515.3    3,311.7      42.97


================================================================

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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