PRESS RELEASE
Almaty
May 8, 2012
Nurbank has summarized its activities for the year 2011 by publishing its consolidated audited financial statements prepared in accordance with international standards. The audit was conducted by Ernst & Young. It should be noted that as of today, the Nurgroup financial group comprises the bank itself and its subsidiaries:
As of 01.01.2012, the assets of JSC "Nurbank" and its subsidiaries amounted to 267,815 million tenge, a decrease of 18,289 million tenge or 6.4% for the year 2011. The share capital of JSC "NPF Atameken" increased in 2011 by 1,925.6 million tenge. The Bank's share in the charter capital of the fund increased from 87% to 94.7%.
The charter capital in JSC "Nurpolis" in 2011 was increased by 550 million tenge. The Bank's share in the charter capital of subsidiaries (except JSC "NPF Atameken") is 100%.
Equity without minority interest increased by 1,030 million tenge or 1.5%. Net profit after tax of JSC "Nurbank" and its subsidiaries including minority interest for 2011 amounted to 469 million tenge (excluding minority interest — 33 million tenge), compared to a loss of 69,174 million tenge in the previous period.
Cash and equivalents as of 01.01.12 amounted to 24,619 million tenge and decreased by 31,352 million tenge in 2011.
The corporate loan portfolio showed growth at the level of 8%, resulting in loans to clients amounting to 196,726 million tenge, an increase of 3.3% during the reporting period. The share of loans in assets rose from 67% as of 01.01.11 to 73% on the reporting date.
Funds in credit institutions at the end of 2011 amounted to 1,526 million tenge.
The investment securities portfolio in 2011 increased by 20% to 29,159 million tenge, accounting for 11% of the Bank's assets. The main source of growth was the acquisition of securities available for sale.
By the end of 2011, client funds increased by 7.2% (10,874 million tenge) to 161,459 million tenge. The share in liabilities increased from 53% to 60%.
The volume of issued securities decreased by nearly half to 21,283 million tenge during the reporting period. The decrease resulted from the Bank's redemption of securities in June amounting to 3.9 billion tenge and in October – amounting to 20.5 billion tenge.
The liabilities of JSC "Nurbank" and its subsidiaries amounted to 197,068 million tenge, a decrease of 19,399 million tenge or 9% during the reporting period due to the redemption of previously issued Bank's securities.
Currently, the Bank has no other major external obligations, and the share of external borrowings in the Bank's funding base is one of the lowest among the top 10 banks in Kazakhstan. The fulfillment of external obligations by the Bank in full to international investors indicates a sufficient level of liquidity and reliability of the Bank.
The year 2011 was characterized by a significant improvement in loan quality as a result of the substantial effect of reduced credit costs due to new approaches.
"We will continue to adhere to a moderately conservative policy, preferring to invest in the development of quality products and services for our clients," said Chairman of the Board of JSC "Nurbank" Mukhtar Idrisov.
Currently, JSC "Nurbank" has established an extensive branch network: 16 branches and 56 universal banking service centers and additional branch premises in all major regions of Kazakhstan. According to the Committee for Financial Market Supervision and Control and Financial Organizations of the National Bank of Kazakhstan, Nurbank ranks 12th in the banking system of Kazakhstan by asset size (as of 01.01.2012).