Home > Kazakhstan > BTA Swings to 47 Billion Tenge Loss in First Nine Months

BTA Swings to 47 Billion Tenge Loss in First Nine Months

Tuesday 1 November 2011

(Bloomberg) – BTA Bank, Kazakhstan’s biggest lender before it defaulted in 2009, swung to a loss of 47.1 billion tenge (US $318 million) in the first nine months of the year from a 1.1 trillion tenge profit a year earlier.

BTA had a capital shortfall of 138 billion tenge as of Oct. 1, compared with a surplus of 181 billion tenge at the end of last year, according to unconsolidated data published on the Almaty-based bank’s website.

The lender lost 64.7 billion tenge in September after increasing provisions by 49 billion tenge, BTA said in a written reply to e-mailed questions. An operating loss of 15.5 billion tenge, including losses on the revaluation of securities, weighed on September results, the bank said.

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