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Annual Report for 2009 with Participation of the Symphony Orchestra FINANCIAL SYMPHONY of the State Academic Opera and Ballet Theatre Named After Abai 1

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Annual Report for 2009 with Participation of the Symphony Orchestra FINANCIAL SYMPHONY of the State Academic Opera and Ballet Theatre Named After Abai 1 1. 2. 3. 4. 5. 6. Letter from the Chairperson Financial statements Profit and loss Corporate Corporate Consolidated of the Management Board analysis analysis governance responsibility financial statements 2 рage 6 рage 30 рage 40 рage 52 рage 60 рage Annual report for 2009 with participation of the Symphony Orchestra FINANCIAL SYMPHONY of the State Academic Opera and Ballet Theatre named after Abai 1. 2. 3. 4. 5. 6. Letter from the Chairperson Financial statements Profit and loss Corporate Corporate Consolidated of the Management Board analysis analysis governance responsibility financial statements FINANCIAL SYMPHONY 1. Letter from the Chairperson of the Management Board Annual report, 2009 LETTER FROM THE CHAIRPERSON OF THE MANAGEMENT BOARD Dear shareholders, clients and partners, The global economic crisis continued to impact on Kazakh financial stability and economic development in 2009. The last year has been very difficult for the banking sector: both financial institutions and the country were downgraded by ratings agencies; economic growth slowed down; three Kazakh banks announced debt restructuring; and the national currency was devalued. Nevertheless, we believe that year 2009 brought invaluable positive signs and became a peculiar stress-test for all financial market players. Kazakh banks were able to withstand the crisis and evolve as qualitatively new institutions. Government efforts to support the economy were welcomed by the banks and their corporate and individual clients. Kazkommertsbank participated in the majority of the government programs, including bank recapitalization, refinancing of corporate clients and mortgage loans, and providing support to the construction sector. Kazkommertsbank received KZT 184 billion under the government stabilization package in 2009. FINANCIAL SYMPHONY 1. Letter from the Chairperson of the Management Board Annual report, 2009 The Bank's results in 2009 The Bank continued to optimize its required control and risk minimization to competently address ongoing market operating expenses, a stabilizing factor. The measures. We have significantly developed fluctuations. By 2009 the Kazakh banking system had Bank reduced its number of branches, our approach towards customer lending, The support and involvement of the Board changed; the priorities had shifted on the back decreased its administrative expenses, tightened requirements for new borrowers, of Directors has been a key factor in driving of the external and internal factors. Some introduced a recruitment freeze, and improved our risk monitoring system on our successful exit from the crisis. The Board Kazakh banks were not able to repay their implemented redundancies. Operating existing loans, and optimized loan collection of Directors worked closely with the external liabilities on time; other banks could expenses decreased by 10% and the cost-to- procedures. Management Board of the Bank and not take new lending risks. Amidst this income ratio decreased from 16.9% in 2008 to significant attention has been paid to uncertain environment Kazkommertsbank Liquidity. Between 2008 and 2009 the 12.2% in 2009. improving corporate governance in line with was able to remain stable and able to fulfill its Bank passed its peak of foreign redemptions global best practices. One of the steps in this goal of delivering operational changes. Total assets decreased to KZT 2,587.9 and in 2009 the external liabilities of the Bank direction was to increase the number of Despite a very negative backdrop the Bank billion at 31 December 2009. By that time decreased by US$3.6 billion. In 2010 to date, independent directors of the Bank (three finished the year with steady results, which Kazkommertsbank had become the market the foreign redemptions of the Bank stand at independent directors out of seven members reflected external realities. leader by total assets with a market share of around US$152 million. The Bank has repaid 20.4%. 58% of its total foreign debt outstanding as of the Board). I believe that the extensive The net income decreased by 5.7% to KZT Loans to customers in 2009 were flat and of YE2007. As such, the Bank has an experience and competency of the members 19.0 billion in 2009 as a result of increased opportunity to start accumulating funds for of the Board of Directors will provide a provisioning charges. Net interest income amounted to KZT 2,160.8 billion while loans to customers on a gross basis went 4,5% down future repayments in 2010. knowledgeable and stable backdrop in before provisions decreased by 3.2% to KZT supporting further development of the Bank. 193.2 billion. The negative impact of the crisis less Tenge devaluation effect. Equity. 2009 was marked by two events, on the Kazakh economy led to a deterioration Retail lending received timely support which were significant both for in the Bank's asset quality. Under these through the government's mortgage Kazkommertsbank and Kazakh banking sector * * * in general. In May, in accordance with the circumstances Kazakh banks created refinancing programs. Kazkommertsbank was Maintaining our existing client base government support program, the National additional provisions. The provisioning charges one of the main participants in the program, through our provision of ongoing support will Wealth Fund Samruk-Kazyna became a accordingly increased by 28.1% to KZT 193.1 and it refinanced mortgage loans for KZT 24 be an absolute priority in 2010. We plan to shareholder of the Bank by acquiring a stake billion in 2009. billion. The Bank's overall market share in retail continue improving our risk management of 21.2%. As a result of new share placement, loans was 12.1%. system, to control asset quality, further Net interest income before provisions for the capital of the Bank increased by US$ 296 The domestic deposit market became one optimize our branch network and control the impairment losses decreased by 3.2% to KZT billion thanks to the participation of the GDR of the Bank's most important funding Bank's liquidity. I believe that our objectives 193.2 billion for the year ended 31 December holders, the European Bank for Recon- sources. Kazkommertsbank increased and plans will allow us to continue to 2009 caused by the decrease in the average struction and Development and the National customer accounts (excluding funds under successfully withstand any further instability yield on interest-earning assets compared to Wealth Fund Samruk-Kazyna. the smaller decrease in average cost of the government stabilization package) by and exit the crisis as a new and strong The other important event which, in our interest-bearing liabilities. Net interest margin 16.6% to KZT 1,100.9 billion in 2009. Market institution. We look forward to the future with view demonstrates shareholder confidence in before provisions for impairment losses in share in total deposits remained flat at optimism as a time to exploit new the Bank, took place in December. Alnair 2009 was 7.8% compared to 8.0% in 2008. 20.3%. Corporate deposits (excluding funds opportunities. I would like to extend my under the government stabilization package) Capital Holding, one of the major shareholders gratitude to my colleagues for their Operating income increased by 15.7% to increased by 13.6%, while retail deposits in the Bank, increased its stake in professionalism, diligence and team spirit, and KZT 58.9 billion. This increase was primarily increased by 24.2%, thereby demonstrating a Kazkommertsbank to 28.6%. The additional thank our shareholders, clients and partners caused by an income from the purchase of high level of confidence in Kazkommerts- share purchase did not affect the stakes of for their cooperation and confidence. We wish own debt securities and a gain from bank. A significant achievement during the other major shareholders. them all well in 2010. operations with financial assets. There was a last year has been to decrease our loans-to- The transaction was recieved warmly by slight change in the structure of net fee and deposits ratio from 219% in 2008 to 169% in the financial community. commission income. There was an increase in Nina ZHUSSUPOVA 2009. the share of income from banking cards Corporate governance. The current Chairperson services and the share of pension asset Asset quality. Macroeconomic downturn, environment requires responsible and of the Management Board management fees in the structure of fees and limited access to financing and worsened measured management decisions, efficient commissions income. financial circumstances for borrowers have use of competitive advantages and the ability 4 Contents 5 1. 2. 3. 4. 5. 6. Letter from the Chairperson Financial statements Profit and loss Corporate Corporate Consolidated of the Management Board analysis analysis governance responsibility financial statements FINANCIAL SYMPHONY 2. Financial statements analysis Annual report, 2009 FINANCIAL STATEMENTS ANALYSIS The banking system of Kazakhstan significantly changed in 2009. For Kazkommertsbank, 2009 was a busy year with the Bank actively participating in the stabilization programmes of the Kazakh government and successfully reduced liabilities. The Bank was named The Best Bank in Kazakhstan by Global Finance magazine and The Most Transparent Bank in Kazakhstan by Standard & Poor's. The Bank is a leader in the banking sector by assets with a market share of 20.4%, and one of the leading banks by loans – 23.3%, and deposits – 20.4% (according to FMSA). FINANCIAL SYMPHONY 2. Financial statements analysis Annual report, 2009 THE ANALYSIS OF THE CONSOLIDATED FINANCIAL Loans to customers continued to make up December 2009 compared to 3.5% as at 31 the largest share of the Group's assets: 83.5% December 2008. STATEMENTS OF THE GROUP as at 31 December 2009 compared to 82.0% as at 31 December 2008. Due to the decrease in short-term deposits LOANS TO CUSTOMERS with other banks and transfer of the Group's free funds to liquid securities, the share of ASSETS domestic currency in February 2009.
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