ForteBank announces 2014 operating results

/KASE, April 30, 15/ – ForteBank JSC (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release: quote JSC "Alliance Bank", which in February 2015 was renamed to JSC "ForteBank", announced its the results for the YE2014. According to the audited consolidated financial statements net profit of the Bank for 2014 amounted to KZT171.2 bn. As it was announced earlier, the Bank, in 2014 successfully restructured its USD1.3 bn financial indebtedness and underwent reorganization in the form of consolidation of JSC "Temirbank" and JSC "ABC Bank" (formerly JSC "ForteBank") to the Bank. According to the results of 2014, total assets of the Bank increased by KZT433.5 bn or 91.1% compared to the beginning of 2014 and amounted to KZT909.2 bn. Loan portfolio of the Bank amounted to KZT561.3 bn showing an increase by KZT253.5 bn or 82.4% compared to the beginning of the year. During 2014 the Bank reduced the level of non-performing loans (NPL 90+) from 53.0% to 28.3%. The liabilities of the Bank increased by 37.0% compared to the beginning of 2014, amounting to KZT754.5 bn. The deposit portfolio rose by KZT206.0 bn or 67.0%, and amounted to KZT513.6 bn. As a result of the aforementioned restructuring and reorganization the Bank restored its capital, which at the end of 2014 amounted to KZT154.7 bn compared to a deficit of capital of KZT75.1 bn at the end of 2013. For the additional information, please contact: PR service of ForteBank JSC Elvira Peltola +7 (727) 258 40 40 (ext. 52854). e-mail: pr@alb.kz unquote [2015-04-30]