Kazkommertsbank, which vies with Halyk Bank to be the largest lender in Kazakhstan by assets, said in a statement on Friday that net profit reached 19.6 billion tenge ($131.8 million) in the first nine months of the year.
Net interest income before provisions for impairment losses rose by 6 percent to 91.5 billion tenge, while other income more than quadrupled due largely to gains on the bank's foreign exchange and precious metals operations. These gains were partly offset by a 2 percent year-on-year increase in operating expenses.
Kazkommertsbank, which operates subsidiaries in Kyrgyzstan and Tajikistan, had total assets of 2.56 trillion tenge ($17.0 billion) as of Sept. 30.
Though it regularly trades first place with Halyk Bank in terms of total assets, Halyk is more profitable, with net profit of almost 54 billion tenge ($359 million) in the first nine months.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
