Kazkommertsbank Sees 2012 Profit Growth of Up to 10%

(Corrects third paragraph to guidance of flat loan book this year in story intially published April 18.)

Kazkommertsbank (KKGB), Kazakhstan’s second-largest lender by assets, said profit my grow between 5 percent and 10 percent this year from 7 percent in 2011.

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.

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

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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