JSC Kazkommertsbank Launched New Products According to BAC Company Report

27 Apr 2012 • by Natalie Aster

LONDON - Kazkommertsbank has launched a series of products based on new technical solutions in the field of banking and electronic commerce: the first in Kazakhstan international bonus card with contactless payment technology MasterCard PayPass; a co-brand card in association with popular Kazakh discount service Chocolife.me; an updated version of the mobile application Homebank for iPhone and Android.

MasterCard ® PayPass ™ allows second-fast payment – the user just needs to touch a special terminal with a special logo PayPass. No pin-code required, Pay Pass terminals are installed in offices, supermarkets Express "Ramstore", "City Center", "Interfood" in Almaty. In the nearest future the bank plans to install instant payment POS-terminals in the Citizen Service Centers.

In 2011 Kazkommertsbank began rapid development of mobile banking and launched the application “Homebank” for iPhone and Android. In March 2012 the app was updated, and now improved interface allows clients not only to view the account, but also make transfers - from card to card, card-to-virtual card and backwards.

Web site Chocolife.me collects information on proposals from various companies, discounts on goods and services which range from 50 to 90%. Now Kazkommertsbank clients can use the same bonuses if getting a co-brand card. Currently the service works in Almaty, Astana and Karaganda, and the number of registered users exceeds 300 thousand people.

Kazkommertsbank has been implementing funds optimization policy in the last years. As a result, despite declining interest income by 15.3%, net income increased in 2011 by 7%. December 2011 quarter brought a seasonal slowdown in activities and results: Interest Income of KZT 58.2 B, Net Interest Income of KZT 26.9 B, Net Income Before Taxes of KZT 10.4 B, and Net Income of KZT 5.6 B. The quarter is the weakest for the bank in 2011 due to seasonality.

JSC "Kazkommertsbank" is one of the largest banks in Kazakhstan and Central Asia. The Bank's assets at 31 December 2011 amounted to KZT 2,565.7 billion. The bank has subsidiaries operating in the field of pensions, pension fund management assets, insurance and brokerage services. The Bank also has subsidiaries in the Russian Federation, in the Republic of Tajikistan and the Republic of Kyrgyz. The Bank's shares are listed on "Kazakhstan Stock Exchange» (KASE). The Bank was the first among the CIS banks to complete an IPO on the London Stock Exchange in November 2006 with a total amount of USD 845 million.

Other details on the company’s activities, financials, business possibilities and experts’ forecasts can be found in the report "JSC Kazkommertsbank Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis" recently published by Market Publishers Ltd.

Report Details:

Title: JSC Kazkommertsbank Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Apr, 2012
Pages: 75

More company reports featuring SWOT and financial information, industry and competitors analysis can be found in Company Reports Catalog.



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