BTA Bank Drained of 106 Billion Tenge of Deposits Last Month

BTA Bank, the biggest Kazakh lender before defaulting on $12 billion of debt in 2009, lost 106 billion tenge ($718 million) of deposits in January amid plans to restructure its debt for the second time in as many years.

Total deposits shrank to 630 billion tenge in January from 736 billion tenge in December, the Kazakh central bank’s financial oversight committee said in a monthly report on its website today. The liabilities of the lender exceeded assets by 300 billion tenge under international accounting standards as of Feb. 1, compared with a gap of 241 billion tenge a month earlier, the regulator said.

BTA is negotiating its second debt restructuring since 2010 after failing to make an interest payment on its July 2018 dollar bonds in January. The Almaty-based lender faces the risk of a run on deposits, acting Chief Executive Officer Askhat Beisenbayev said last month.

The following table shows the one-month performance of Kazakhstan’s five largest lenders by assets, along with 7th-ranked Alliance Bank and 13th-ranked Temirbank, and their position as of Feb. 1. The data from the oversight committee are in billions of tenge:

Bank                 Assets     Loans    Provisions  Profit/
                             Outstanding              Loss

Kazkommertsbank      2,497.9   2,283.1      827.5       0.11
Halyk Bank           2,263.4   1,360.8      328.2       3.58
BTA Bank             1,560.6   2,068.8    1,238.5      12.38
Bank Centercredit    1,103.7     797.1      131.9      -0.09
ATF Bank               947.5     855.8      174.1      -0.83
Alliance Bank          534.2     533.8      243.1      -0.92
Temirbank              258.7     219.6      113.4       2.56
All 38 Banks        12,987.5  10,446.1    3,323.8      22.02

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