Kazakhstan’s BTA Bank Saw Assets Decline 4 Percent Last Year

Feb 18. Bloomberg

By Nariman Gizitdinov

Kazakhstan’s BTA Bank Saw Assets Decline 4 Percent Last YearKazakhstan’s BTA Bank, which defaulted in 2009, saw assets decline an annual 4 percent in 2010 to 1.89 trillion tenge ($12.9 billion) as it curtailed lending.

State-controlled BTA had 929 billion tenge of loans on its books as of Dec. 31, 2010, down from 1.04 trillion tenge a year earlier, the bank said in a statement on its website.

BTA, the former Soviet republic’s third-largest lender by assets, defaulted in April 2009, two months after being taken over by the state-owned National Wellbeing Fund Samruk-Kazyna. BTA’s indebtedness fell to $4.2 billion last year from $16.7 billion after it distributed $945 million in cash to creditors and issued new debt and shares, the bank said in September.

Liabilities fell 49 percent to 1.87 trillion tenge in 2010 from a year earlier, BTA said in the statement. Net interest income was 100 billion tenge after a 2009 loss of 774 billion tenge.