(Corrects third paragraph to guidance of flat loan book this year in story intially published April 18.)
Net income rose to 23.5 billion tenge ($159 million) last year from 22 billion tenge in 2010, according to a presentation published on the Almaty-based bank’s website today.
Gross loans will probably be “flat” this year, after shrinking 0.3 percent last year, Kazkommertsbank said. The guidance for last year was little change or a decline of as much as 2 percent, according to the presentation.
Kazkommertsbank earned $3.7 million last year by buying $320 million of its bonds, Sergei Mokrousov, a managing director at the lender, said today during a conference call.
The bank doesn’t have “any specific plans to buy back” subordinated debt, he said.
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