BTA, Kazakhstan's third-largest bank by assets, swung to a profit in the first half of 2013 after a debt restructuring last December and expects to boost its finances with funds seized from its fugitive former head, it said Tuesday.
BTA said it made a net profit of 15.579 billion tenge ($112 million) in the January-to-June period, compared to a net loss of around 658 billion tenge a year earlier when it wrote down a mass of problem loans.
Around four fifths of BTA's loan portfolio is classified as nonperforming.
Kazakhstan's sovereign wealth fund Samruk-Kazyna bailed out the bank in 2009 during the financial crisis and is estimated to have spent about $8 billion to stabilize its financial position. Samruk-Kazyna now owns 97 percent of BTA.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
