Kazkommertsbank
An excellent financial performance combined with continued dynamic expansion have made Kazkommertsbank a certainty for this year’s award.
The bank’s performance in 2002 was not far short of stunning. It increased net profit by 36.5% to $51.3m and achieved an ROE of 27.6%. Its cost-to-income ratio, meanwhile, slipped to 45.4%.
Reflecting its dynamic expansion, Kazkommertsbank acquired a bank in nearby Kyrgyzstan and will complete the takeover of the Russian bank Moskommertsbank by the end of 2003. In the domestic market, it is the undisputed leader as measured by assets, lending portfolio and deposits (27% market share).
Kazkommertsbank, which has among the highest debt ratings for banks in the former Soviet Union states, has also continued to demonstrate leadership in bond issuance. Last year, it placed $200m worth of five-year bonds. In April 2003, it placed $500m worth of 10-year bonds offering a rate of 8.5% in the biggest deal for any Kazakhstani bank to date.
“Kazkommertsbank has high management standards and a strong, confident and transparent shareholding structure. It makes every effort to increase its transparency and set new standards in corporate governance. We like competition and are able to run reasonable risks and develop further,” said Nina Zhussupova, chairperson of the board.
“As a Kazakh financial institution, Kazkommertsbank was included for the first time in the list of Top 1000 world banks published by The Banker.”
