* KKB says net profit falls 43 pct in Q1 after devaluation
* Says assets, deposits rise since end-2013
* Bad loans comprise 36.1 pct of its loan book
(Adds financial data, details)
ALMATY, May 14 Kazkommertsbank (KKB)
, Kazakhstan's biggest bank by assets, said first
quarter net profit fell 43 percent to 4.0 billion tenge ($22
million) year-on-year, due to a devaluation of the national
Kazakhstan devalued the tenge by 19 percent on Feb. 11 in a
bid to support exporters, sustain robust economic growth and
prevent large-scale speculation on the foreign exchange market.
"The decrease in net profit was due to negative translation
differences as a result of the devaluation," a KKB spokeswoman
told Reuters on Wednesday.
The bank's total assets grew 7.4 percent to 2.8 trillion
tenge in the three months to end-March, while total deposits
increased 6.8 percent to 1.8 trillion tenge over the same
Non-performing loans (NPLs) comprised 36.1 percent of the
bank's gross loan book as of March 31, 2014. The bank gave no
Last year KKB made a net profit of 52.2 billion tenge after
a net loss of 132.2 billion in 2012, when it made large
provisions for NPLs.
KKB said last month it aimed to complete the deal to buy BTA
Bank from the Kazakh sovereign wealth fund
Samruk-Kazyna in the second quarter of this year.
In February KKB said it had reached a final agreement with
Kazakh businessman Kenes Rakishev under which each party would
buy a 46.5 percent stake in BTA Bank from the fund.
Samruk-Kazyna had bailed out BTA, the country's third largest
lender, in the global financial crisis.
Kazkommertsbank said at the time that it would pay $465
million for its 46.5 percent stake.
($1 = 182.05 tenge)
(Reporting by Dmitry Solovyov; editing by Jason Neely and