Nurbank: financial year results
May 8, 2012
Nurbank has resumed the results of its activity in 2011 by publishing audited financial statements based on international financial reporting standards. The audit was performed by Ernst&Young company. Сurrently financial group Nurgroup is represented by the Bank and its subsidiary companies:
- JSC “SC JSC “Nurbank” IC “Nurpolis”;
- JSC “SC JSC “Nurbank” Money Experts”;
- JSC “APF “Atameken” SC JSC “Nurbank”;
- “SC JSC “Nurbank” leasing company “Nur Leasing” LLP;
- Pension asset management company “Nur Trust”
- JSC “OPIMPA “Nur-Trust” (liquidation is planned to complete up to June, 2012);
- NurFinance BV (liquidated on 13.04.2012).
As of 01.01.2012 JSC “Nurbank” and its subsidiary companies assets equaled 267 815 mln tenge and for 2011 reduced for 18 289 mln or 6,4%. Authorized capital of JSC “APF Atameken” was increased in 2011 for 1 925,6 mln tenge. The Bank share in authorized capital of the fund has been increased from 87% up to 94,7%.
Authorized capital of JSC “Nurpolis” increased for 550 mln tenge in 2011. The Bank share in authorized capital of subsidiary companies (except JSC “APF Atameken”) contains 100%.
The equity less minorities share has increased for 1 030 mln tenge or 1,5%. JSC “Nurbank” and its subsidiary companies net profit after taxation including minorities share for 2011 equaled 469 mln tenge (excluding minorities share – 33 mln tenge) vs. loss for 69 174 mln tenge for the previous period.
Cash and cash equivalents for 01.01.12 contained 24 619 mln tenge and decreased for 2011 for 31 352 mln tenge.
Corporate credit portfolio displayed the growth at a level of 8%, consequently, customers loans contained 196 726 mln tenge and increased for accounting period for 3,3%. The loans share in assets increased from 67% as of 01.01.11 up to 73% for the reporting date.
Amounts due from credit institutions for the end of 2011 equaled 1 526 mln tenge.
Investment securities portfolio in 2011 enlarged for 20% and contained 29 159 mln tenge which equals 11% of Bank assets. The growth is conditioned by the acquisition of securities available-for-sale.
According to the results of 2011 the value of amounts due to customers increased for 7,2% (10 874 mln tenge) and equaled 161 459 mln tenge. Liabilities share increased from 53% up to 60%.
The value of issued securities reduced for accounting period almost by two times and contained 21 283 mln tenge. It was result of securities repayment by the Bank in June for amount of 3,9 bln tenge and in October – for amount of 20,5 bln tenge.
The liabilities of JSC “Nurbank” and its subsidiary companies contained 197 068 mln tenge and decreased for accounting period for 19 399 mln tenge or 9% at the expense of previously issued securities repayment.
Currently, the Bank has no other large external obligations and share of external borrowings on a basis of Bank’s funding is one of the lowest among 10 largest banks of the Republic of Kazakhstan. Duly performance of the Bank external obligations in a full capacity before international investors is evidence of adequate liquidity level and reliability of the Bank.
2011 is characterized by significant improvement of loans quality as a consequence of substantial effect from reducing of crediting cost as a result of new approaches.
“We will adhere to the moderately conservative policy in future by investing into development of high quality products and services for our clientele”, - said Chairman of the Board Mukhtar Idrissov.
Presently JSC “Nurbank” has established a wide branch network: 16 branches and 56 universal centers of banking services and additional quarters of branches in all main regions of Kazakhstan. Due to the data of Committee for the control and supervision of the financial market and financial organizations of the National Bank of the Republic of Kazakhstan, Nurbank occupies the 12th place by assets in the banking system of Kazakhstan (as of 01.01.2012).