Azerbaijan, Baku, Aug. 21 / Trend E. Kosolapova/
The Kazakh Eurasian Bank increased its net profit by 80.5 per cent in the first six months of 2013 compared to the same period of 2012, the bank reported on Wednesday with reference to the unaudited consolidated statement under International Financial Reporting Standards (IFRS).
The bank's net profit in the reporting period hit 6.3 billion tenge (152.47 tenge = $1).
"A net profit growth resulted from higher income from banking operations, continuing the process of expenditure optimisation, as well as steady growth of the client base," the bank said.
Eurasian Bank's net interest income increased 56.2 per cent to 17.3 billion tenge in the reporting period.
The Net Interest Margin (NIM) increased 1.2 times in January-June 2013 compared to the same period of 2012 and reached 8.1 per cent as of July, 1 2013.
"The increase in the net interest margin resulted from continued diversification of the loan portfolio," the bank said.
Operating income before provisions increased by 50.4 per cent to 23.9 billion tenge.
The share of non-performing loans overdue by more than 90 days reached 7.6 per cent of the total loan portfolio as of July 1, 2013.
Since the beginning of this year, the bank's equity rose by 8.7 per cent to 51.9 billion tenge, assets increased by 14.2 per cent to 537.4 billion tenge and the loan portfolio net provisions increased by 16 per cent to 411.3 billion tenge.
