Kazakh banks in November 2012: Following the course

Last year trends continued through November. Loan portfolio kept growing at the same pace. Profitability of large banks continued recovering but remained below those of aggressively expanding mid-size banks. Corporate deposits declined partly due to payouts of the mineral resource extraction tax, but also due to an outflow of a third of ATF’s corporate deposits amid the talks over the sale of the bank by UniCredit to a local investor. The state of depressed banks, including restructured BTA and Alliance, did not improve, but this should drastically change in the December data release as a result of the completion of BTA’s second debt restructuring.