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JSC Kazkommertsbank (JSCD)

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Tuesday 11 July, 2006

JSC Kazkommertsbank

1st Quarter Results

JSC Kazkommertsbank
11 July 2006

JOINT STOCK COMPANY KAZKOMMERTSBANK



CONSOLIDATED INTERIM PROFIT AND LOSS ACCOUNT

For the three months ended 31 March 2006


                                                                Notes     Three months         Three months
                                                                          ended 31 March       ended 31 March
                                                                          2006                 2005
                                                                          (unaudited)          (unaudited)
                                                                          (mln. tenge)         (mln. tenge)

Interest income                                                     4               28,200               18,176
Interest expense                                                    4             (16,221)              (9,201)
NET INTEREST INCOME BEFORE PROVISION FOR IMPAIRMENT LOSSES ON                       11,979                8,975
INTEREST BEARING ASSETS

Recovery / (provision) for impairment losses on interest                               161              (1,010)
bearing assets

NET INTEREST INCOME                                                                 12,140                7,965

Net loss on operations with assets held-for-trading                                   (75)                (120)
Net (loss) / gain on foreign exchange operations                                     (504)                  429
Fee and commission income                                                            3,344                2,332
Fee and commission expense                                                           (388)                (171)
Net gain from investments available-for-sale                                             -                    8
Dividends received                                                                       -                   10
Other income                                                        5                  652                  593

NET NON-INTEREST INCOME                                                              3,029                3,081

OPERATING INCOME                                                                    15,169               11,046

OPERATING EXPENSES                                                                 (3,880)              (2,852)

OPERATING PROFIT                                                                    11,289                8,194

Insurance provision and provision for impairment losses on                           (214)                (308)
other transactions
Provision for guarantees and other off-balance sheet                                 (426)                (212)
contingencies

Share of results of associates                                                         169                   38

PROFIT BEFORE INCOME TAX                                                            10,818                7,712

Income tax expense                                                  6              (2,986)              (1,983)

NET PROFIT                                                                           7,832                5,729
Attributable to:
Equity holders of the parent                                                         7,429                5,429
Minority interest                                                                      403                  300

EARNINGS PER SHARE                                                  7     19.37                15.20
Basic and diluted (KZT)







On behalf of the Board:



__________________________________          __________________________________

Zhusupova N.A.                                Cheusov P.A.

Chairman of the Board                         Chief Accountant

26 May 2006                                   26 May 2006

Almaty                                        Almaty



The notes on pages 9 - 27 form an integral part of these condensed consolidated
interim financial statements. The Review Report is on page 2.



JOINT STOCK COMPANY KAZKOMMERTSBANK



CONSOLIDATED INTERIM BALANCE SHEET

AS At 31 March 2006


                                                                  Notes      31 March           31 December
                                                                             2006               2005
                                                                             (unaudited)
                                                                             (mln. tenge)       (mln. tenge)
ASSETS:
Cash and balances with national (central) banks                                       89,658             37,229
Assets held-for-trading                                               8              131,622            140,294
Loans and advances to banks, less allowance for impairment losses                    124,214            253,904
Derivative financial instruments                                                         637                 81
Loans to customers, less allowance for impairment losses              9              799,215            729,844
Securities purchased under reverse repurchase agreements                              18,911             13,950
Investment available-for-sale                                         10                 626                427
Investment held-to-maturity                                           11                 594                562
Investments in associates and other entites                           12                 630                425
Goodwill                                                                               2,405              2,405
Fixed and intangible assets, less accumulated depreciation and                         9,076              8,662
amortization
Other assets, less allowance for impairment losses                    13               7,234              7,086

TOTAL ASSETS                                                                       1,184,822          1,194,869

LIABILITIES AND EQUITY

LIABILITIES:
Loans and advances from banks                                                        295,414            320,095
Securities sold under repurchase agreements                                            8,843             59,143
Derivative financial instruments                                                       1,502                189
Customer accounts                                                                    311,772            303,405
Debt securities issued                                                14             347,533            303,133
Other borrowed funds                                                                  48,957             50,604
Provisions                                                                             5,542              4,934
Dividends payable                                                                        165                  1
Deferred tax liabilities                                              6                9,856              8,290
Other liabilities                                                     15               7,969              4,591

                                                                                   1,037,553          1,054,385

Subordinated debt                                                                     45,257             46,139

Total liabilities                                                                  1,082,810          1,100,524



EQUITY:
Share capital                                                                          4,998              4,997
Share premium                                                                         22,317             22,307
Fixed assets revaluation reserves                                                      1,514              1,520
Reserves                                                                              65,848             58,545

Equity attributable to equity holders of the parent                                   94,677             87,369

Minority interest                                                                      7,335              6,976

Total equity                                                                         102,012             94,345

TOTAL LIABILITIES AND EQUITY                                                       1,184,822          1,194,869



On behalf of the Board of the Bank:



__________________________                    __________________________

Zhusupova N.A.                                Cheusov P.A.

Chairman of the Board                         Chief Accountant

26 May 2006                                   26 May 2006

Almaty                                        Almaty



The notes on pages 9-27 form an integral part of these condensed consolidated
interim financial statements. The Review Report is on page 2.


JOINT STOCK COMPANY KAZKOMMERTSBANK



CONSOLIDATED INTERIM STATEMENT of CHANGES IN EQUITY

For the three months ended 31 March 2006


                    Share      Share     Investments          Fixed         Retained   Total           Minority   Total
                    capital    premium   available-for-sale   assets        earnings
                                         fair value reserve   revaluation              equity          interest   equity
                                                              reserve                  attributable
                                                                                       to
                                                                                       share-holders
                                                                                       of the parent
                                                                                       (mln. tenge)
                                         (mln. tenge)
                    (mln.      (mln.                          (mln.         (mln.
                    tenge)     tenge)                         tenge)        tenge)                     (mln.      (mln.
                                                                                                       tenge)     tenge)

31 December 2004    4,197      11,753    12                   1,313         40,032     57,307          5,468      62,775
Redemption of own   (8)        (109)     -                    -             -          (117)           -          (117)
shares
Amortization of     -          -         -                    (6)           6          -               -          -
fixed assets
revaluation reserve
Unrealized gain on  -          -         9                    -             -          9               -          9
revaluation of
available-for-sale
investments
Realized gain on    -          -         (8)                  -             -          (8)             -          (8)
revaluation of
available-for-sale
investments
Dividends on        -          -         -                    -             (167)      (167)           -          (167)
preference shares
Exchange            -          -         -                    -             4          4               87         91
differences on
translation of
foreign operations
Net profit          -          -         -                    -             5,429      5,429           300        5,729

31 March 2005       4,189      11,644    13                   1,307         45,304     62,457          5,855      68,312
(unaudited)

Share capital
increase of
- ordinary shares   297        4,250     -                    -             -          4,547           -          4,547
- preference shares 513        6,432     -                    -             -          6,945           -          6,945
Redemption of own   (2)        (19)      -                    -             -          (21)            -          (21)
shares
Fixed assets        -          -         -                    231           -          231             -          231
revaluation
   (less deferred
income tax of 72
mln. tenge)
Amortization of     -          -         -                    (18)          18         -               -          -
fixed assets
revaluation reserve
Realized gain on    -          -         (12)                 -             -          (12)            -          (12)
revaluation of
available-for-sale
investments
Dividends on        -          -         -                    -             (502)      (502)           -          (502)
preference shares
Impact of purchase  -          -         -                    -             -          -               126        126
of the share in the
accumulating
pension fund  ABN
AMRO CaspiyMunaiGas
JSC
Foreign exchange    -          -         -                    -             13         13              (128)      (115)
differences
Net income          -          -         -                    -             13,711     13,711          1,123      14,834

31 December 2005    4,997      22,307    1                    1,520         58,544     87,369          6,976      94,345




JOINT STOCK COMPANY KAZKOMMERTSBANK



CONSOLIDATED INTERIM STATEMENT of CHANGES IN EQUITY(CONTINUED)

For the three months ended 31 March 2006


                    Share     Share      Investments          Fixed         Retained   Total           Minority   Total
                    capital   premium    available-for-sale   assets        earnings
                                         fair value reserve   revaluation              equity          interest   equity
                                                              reserve                  attributable
                                                                                       to
                                                                                       share-holders
                                                                                       of the parent
                                         (mln. tenge)                                  (mln. tenge)
                    (mln.     (mln.                           (mln.         (mln.
                    tenge)    tenge)                          tenge)        tenge)                     (mln.      (mln.
                                                                                                       tenge)     tenge)

Resale of own       1         10         -                    -             -          11              -          11
shares
Amortization of     -         -          -                    (6)           6          -               -          -
fixed assets
revaluation reserve
Unrealized gain on  -         -          32                   -             -          32              -          32
revaluation of
available-for-sale
investments
Dividends on        -         -          -                    -             (164)      (164)           -          (164)
preference shares
Foreign exchange    -         -          -                    -             -          -               (44)       (44)
differences
Net income          -         -          -                    -             7,429      7,429           403        7,832

31 March 2006       4,998     22,317     33                   1,514         65,815     94,677          7,335     102,012
(unaudited)




On behalf of the Board of the Bank:



__________________________                    __________________________

Zhusupova N.A.                                Cheusov P.A.

Chairman of the Board                         Chief Accountant

26 May 2006                                   26 May 2006

Almaty                                        Almaty



The notes on pages 9-27 form an integral part of these condensed consolidated
interim financial statements. The Review Report is on page 2.




JOINT STOCK COMPANY KAZKOMMERTSBANK



CONSOLIDATED STATEMENTs OF CASH FLOWS

For the three months ended 31 March 2006


                                                                Notes     Three months         Three months
                                                                          ended 31 March       ended 31 March
                                                                          2006                 2005
                                                                          (unaudited)          (unaudited)
                                                                          (mln. tenge)         (mln. tenge)
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before income tax                                                       10,818               7,712
Adjustments for:
Provision for impairment losses on interest bearing assets                     (161)                1,010
Provision for insurance reserves and reserves for impairment                    214                  308
losses on other transactions
Provision for guarantees and other off-balance liabilities                      426                  212
Unrealised gain and amortisation of discounts on securities                      80                 (332)
Amortization of discount on issued securities                                  (134)                 346
Depreciation and amortization                                                   408                  356
Change in interest accruals, net                                               4,164               (1,233)
Exchange rate difference from translation of investments at                    4,362                  12
average rate
Share of results of associates                                                 (169)                 (38)
Gain on sale of fixed and intangible assets, net                                 -                    3
Net change in fair value of derivative financial instruments                    758                 (278)
                                                       

Cash flows from operating activities before changes in                         20,766               8,078
operating assets and liabilities

Changes in operating assets and liabilities
(Increase)/decrease in operating assets:
Minimum reserve deposit with Central Bank of Russian Federation                (120)                 177
Loans and advances to banks                                                    24,342               7,579
Precious metals                                                                  -                  (792)
Assets held-for-trading                                                        3,577               (3,601)
Securities purchased under reverse repurchase agreements                      (4,971)              (8,067)
Loans to customers                                                            (88,655)             (14,286)
Other assets                                                                  (3,603)               7,429
Increase/(decrease) in operating liabilities:
Loans and advances from banks                                                 (21,247)             (43,122)
Securities sold under repurchase agreements                                   (50,286)                -
Customer accounts                                                              30,480               3,197
Other borrowed funds                                                          (1,596)               2,602
Other liabilities                                                              4,057                2,275
                                                                              (87,256)             (38,531)

Cash outflow from operating activities before taxation

Income tax paid                                                                (575)               (1,983)

Net cash outflow from operating activities                                    (87,831)             (40,514)


JOINT STOCK COMPANY KAZKOMMERTSBANK



CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (CONTINUED)

For the three months ended 31 March 2006


                                                                Notes     Three months         Three months
                                                                          ended 31 March       ended 31 March
                                                                          2006                 2005
                                                                          (mln. tenge)         (mln. tenge)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed and intangible assets                                        (827)                (346)
Dividends received                                                               -                    10
Net proceeds on sale/(purchase) of investments                                 (168)                 448
available-for-sale
Net proceeds on sale/(purchase) of investments held-to-maturity                 (13)                  20
Acquisition of subsidiaries, net of cash of acquired entities                   (35)                  -

Net cash (outflow)/inflow from investing activities                           (1,043)                132

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt securities issued                                           41,161               20,873
Subordinated debt                                                             (1,371)               5,422
(Repurchase)/resale of own shares                                                12                  100

Net cash inflow from financing activities                                      39,802               26,395


NET DECREASE IN CASH AND CASH EQUIVALENTS                                     (49,072)             (13,987)

CASH AND CASH EQUIVALENTS, at beginning of the period                         227,476               81,858

Effect of foreign exchange rate changes                                       (2,369)                 59

CASH AND CASH EQUIVALENTS, at end of the period                               176,035               67,930



Interest paid and received by the Bank in cash during the three months ended 31
March 2006 amounted to   KZT 10,416 mln. and KZT 26,559 mln., respectively.



Interest paid and received by the Bank in cash during the three months 31 March
2006 amounted to                KZT 10,160  mln. and KZT 15,951 mln.,
respectively.




On behalf of the Board of the Bank:



__________________________                    __________________________

Zhusupova N.A.                                Cheusov P.A.

Chairman of the Board                         Chief Accountant

26 May 2006                                   26 May 2006

Almaty                                        Almaty



The notes on pages 9-27 form an integral part of these condensed consolidated
interim financial statements. The Review Report is on page 2.




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