UniCredit Unit Posts Second-Biggest Loss Among Seven Top Kazakh Lenders

UniCredit SpA’s AO ATF Bank posted the second-biggest loss among Kazakh lenders in the first seven months of the year, according to the country’s financial regulator.

ATF Bank’s loss of 15.9 billion tenge ($108 million) compared with a profit of 1.1 billion tenge a year earlier, the Almaty-based Financial Supervision Agency said in a monthly report based on unconsolidated data calculated in accordance with Kazakh accounting standards.

ATF Bank spokeswoman Elvira Peltola declined to immediately comment. UniCredit earlier this month reported a 162 million- euro ($208 million) goodwill writedown related to its Kazakh unit, which contributed to a 70 percent slump in second-quarter profit at Italy’s biggest bank.

The loss at UniCredit’s unit was only eclipsed by BTA Bank, which lost 75.7 billion tenge during the period. BTA Bank, Alliance Bank, AO Astana Finance and Temirbank, then controlled by BTA, defaulted last year, leaving about $20 billion of debt to be restructured. BTA struck a deal with creditors in May.

The following table shows the performance of Kazakhstan’s six largest lenders in the seven months through July, along with Temirbank, which is ranked 13th by assets. The data from the Agency for Financial Supervision is in billions of tenge:

================================================================
                     Assets     Loans    Provisions  Profit/
Bank                         Outstanding              Loss
================================================================

Kazkommertsbank      2,384.0   2,334.2      705.3      0.74
Halyk Bank           2,139.1   1,206.1      261.8     17.60
BTA Bank             1,756.6   1,895.5    1,416.6    -75.70
Bank Centercredit    1,313.6     707.3       77.1      1.09
ATF Bank             1,076.8     809.9      123.2    -15.88
Alliance Bank          462.2     530.7      329.2    312.14
Temirbank              196.2     250.5      129.3     77.97
All Banks           11,845.8   9,091.7    3,177.6    318.53

================================================================

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

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