Bloomberg News

BTA Bank’s Loss Almost Doubles to $8.8 Billion, Regulator Says

June 26, 2012

BTA Bank, Kazakhstan’s biggest lender before defaulting on $12 billion of debt in 2009, almost doubled its loss for the year in May amid plans to restructure its debt for a second time in as many years.

BTA’s 2012 net loss jumped to 1.308 trillion tenge ($8.8 billion) as of June 1 from 711 billion tenge a month earlier, the central bank’s financial oversight committee said in a monthly report on its website. Liabilities of 2.63 trillion tenge exceeded assets by 1.19 trillion tenge, the regulator said.

BTA said June 15 that it had begun talks on its proposed debt overhaul with the creditors’ steering committee. The state- owned lender failed to make an interest payment on its July 2018 dollar bonds in January and later halted all payments on $5.2 billion of its recovery units, which BTA creditors took in 2010 as part of a restructuring accord to receive 50 percent of anything the lender can get from impaired assets.

BTA Bank (BTAS) didn’t immediately reply to an e-mailed request for comments.

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 June 1. The data from the oversight committee are in billions of tenge:

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


Kazkommertsbank      2,506.9   2,337.0      865.7        0.56
Halyk Bank           2,482.7   1,386.2      334.5       19.49
BTA Bank             1,441.9   2,054.4    1,719.2    -1,307.8
Bank Centercredit    1,043.0     818.4      132.2        0.83
ATF Bank               881.1     814.5      176.3       -3.95
Alliance Bank          538.3     551.5      244.8        1.38
Temirbank              255.8     228.1      118.3       -1.07
All 38 Banks        13,266.5  10,797.3    3,877.3   -1,260.61


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

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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