Accumulative Pension Fund GRANTUM (Subsidiary of Kazkommertsbank) (Kazakhstan) announces Y2011 9M operating results

November 8. KASE

Accumulative Pension Fund GRANTUM (Subsidiary of Kazkommertsbank) (Kazakhstan) announces Y2011 9M operating resultsAs of October 1, 2011 JSC Accumulative Pension Fund GRANTUM (Subsidiary of Kazkommertsbank) over the last three years received an investment return above the inflation rate and traditionally kept its leading position in terms of pension assets growing and the number of customers.

PENSION SAVINGS

From January to September 2011the amount of pension savings of APF GRANTUM increased by KZT72.3 b to KZT222 bn. At the same time the Fund showed one of the fastest growth rates across the entire pension system – 48,2% and a maximum increase in the market-bound components in the pension assets (2.17%), which reached 8.82%. The amount of GRANTUM’s pension assets per depositor made up KZT659.2 thousand as of October 1, 2011 – a maximum figure across Kazakhstan’s pension system.

The intensive growth of the Fund’s pension assets upon the reporting period was backed by:

– pension contributions worth KZT22.4 bn;

– positive balance of customers’ transfers of more than KZT45.9 bn;

– accrued investment earnings of more than KZT9.9 bn.

Starting from the beginning of this year, the fund paid out pension savings (including transfers to insurance firms) to depositors (beneficiaries) worth more than KZT3.7 bn.

INVESTMENT OPERATIONS

As of October 1, 2011 the nominal income ratio (К2) OF APF GRANTUM made up:

– 5.88% for 12 months;

– 26.14% for 36 months;

– 37.07% for 60 months.

In terms of profitability, over the last three years APF GRANTUM is the sole pension fund who covered the cumulative inflation rate (22.94%). The Fund’s profitability in all three periods exceeds average weighted nominal income ratios across the whole pension system.

As of October 1, 2011 the major part of the Fund’s pension assets was put into highly reliable government securities of the Republic of Kazakhstan (53.6%) and corporate bonds and stocks issued by financially sound foreign and local companies.

The Fund’s investment portfolio includes financial instruments denominated in tenge – 86.12%, US dollars – 6.74%, Russian rubles – 5.79% and 1.35% in yuan.

NUMBER OF DEPOSITORS

As of October 1, 2011 the total number of depositors (individual pension accounts) of the Fund increased from the year’s beginning by 92,735 to 337,318 people. This figure’s growth rate is one of the highest across the entire pension system – 37.9%.

In order to increase the accessibility of pensions services provided to the growing number of depositors, APF GRANTUM opened in 2011 19 new and additional offices in the following areas: Almaty, Aksu, Aksukent, Ayagoz, Zharkent, Zhetysai, Issyk, Kandyagash, Kaskelen, Kurchatov, Novoishimskoe, Ridder, Rudny, Saran, Saryagash, Satpaev, Stepnogorsk, Usharal and Chromtau.

Development of the regional network and permanent improvement of services are main priorities of APF GRANTUM. The Fund’s efforts were highly praised by the public, and in March 2011 APF GRANTUM was assigned the Public Quality Sign “IMPECCABLE” in nomination “Quality Services” of Kazakhstan’s National Consumers League.

FINANCIAL  POSITION

As of October 1, 2011 the Fund’s equity made up more than KZT5.7 bn, the financial result (net income) for the reporting period – KZT61.5 m.

Over the three quarters 2011 APF GRANTUM fully complied with prudential standards of the Committee on Regulation and Supervision of Financial Market and Financial Organizations of the National Bank of the Republic of Kazakhstan in terms of equity sufficiency (К1) and pension assets profitability (К2).

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