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Kazakh Alliance Bank Increases Capital Surplus in First Quarter

May 14 (Bloomberg) -- Alliance Bank, the first Kazakh lender to default in 2009, said its capital surplus rose to 2.8 billion tenge ($19 million) from the start of the year.

State-run Alliance added 1.7 billion tenge to its capital surplus, the Almaty-based lender said in a statement today, citing unaudited consolidated data calculated in accordance with international financial reporting standards. The bank swung to a capital surplus of 1.03 billion tenge in 2011 from a shortfall of 105 billion tenge in 2010.

Alliance Bank first-quarter loss narrowed to 1.2 billion tenge, from 1.5 billion tenge a year earlier, the bank said.

Kazakhstan’s sovereign wealth fund Samruk-Kazyna holds the government’s 67 percent stake in Alliance and 79.9 percent in Temirbank after they were brought under state control in 2009. The fund is discussing a merger of the two lenders, which issued new bonds and offered shares and cash to creditors in 2010 after writing off and extending payments on some of their debt.

Temirbank Chief Executive Officer Erzhan Shaikenov was demoted to first deputy CEO at the lender on April 27, while the bank’s former Chairman Murat Baisynov became CEO, Temirbank said on its website.

Alliance Bank assets rose 1.2 percent to 536 billion tenge in the period, while its loan portfolio increased by 1.2 percent to 333 billion tenge, the bank said.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at

To contact the editor responsible for this story: Stephen Voss at

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