Kazkommerts bank net profit up 56.4 percent

Kazakh bank Kazkommertsbank reported sharp increases in first-half net profit and net interest income and said on Monday it was on track to meeting its full-year targets. But company executives also told a conference call the bank would postpone issuing new equity and debt amid global market jitters.
The bank reported a 56.4 percent increase in first-half net profit to 26.91 billion tenge ($215.1 million) and said net interest income rose 64.1 percent to 31.44 billion tenge. Net commission income climbed 67.4 percent to 10.88 billion tenge while total assets increased by 24.5 percent 3.04 trillion in the six months to June 30.
The bank had earlier forecast a 70 percent increase in net profit and a 30 percent increase in assets. "We believe that profitability could exceed our earlier forecast of a 70 percent increase this year," Managing Director Askarbek Nabiyev told the conference call.