Centercredit Swung to Profit Last Year After Loan Restructuring
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Bank Centercredit, the Kazakh lender part-owned by South Korea’s Kookmin Bank, swung to a profit of 2.7 billion tenge ($18.5 million) last year from a 30.7 billion tenge loss in 2010.
Total assets shrank to 1.1 trillion tenge, compared with 1.2 trillion tenge a year earlier, even as loans to customers and banks advanced 9.3 percent to 764.8 billion tenge, the Almaty-based bank said in a consolidated financial report calculated under international standards and published on its website today. Kookmin owns 41.9 percent of the Centercredit.