OREANDA-NEWS. May 11, 2011. Results of the 1st quarter 2011 show that Accumulative Pension Fund GRANTUM (a subsidiary of Kazkommertsbank) continues the positive trend it took up in 2010 and as before keeps leading positions in terms of growth rate of pension assets and clients, remaining an absolute leader as far as the average pension savings per client are concerned, and strengthened its positions occupying the fourth rank amongst 13 APF with regard to total pension assets, reported the press-centre of KASE.

As of April 1, 2011, the total number of GRANTUM's depositors increased by 16,697 since the begging of the year, reaching 261,280 people; this growth made up 6.8 % which is the highest in the pension accumulative system.

In the first quarter of this year GRANTUM also demonstrated the highest growth rate on pension assets (10.7%) and increased its pension assets by KZT16 bn, with the assets reaching KZT166 bn as of April 1, 2011. In this respect the Fund overtaking the closest competitor became one of the four largest pension funds in Kazakhstan. GRANTUM's pensions accumulations per client made up KZT636 thousand as of the reporting date - the highest figure across the country's pension system.

The active growth of the Fund's pensions assets in the reported period was possible due to an inflow of pensions assets of over KZT6 bn, a positive balance of pensions savings of depositors from other funds (incoming transfers minus outgoing transfers of pensions savings) - KZT7.9 bn and investment income accrued on depositors' accounts - KZT4.4 bn. Since the commencement of its activities the Fund made pension payments and transfers to insurance companies to the amount of KZT10.6 bn, including three months of 2011 - KZT1.4 bn.

In order to increase the quality of service and accessibility of pension services rendered to an ever growing number of depositors, the Fund opened another office in Almaty in addition to 28 existing regional offices and new agency points in 10 towns: Aksu, Zharkent, Satpaev, Stepnogorsk, Issyk, Kaskelen, Zhetysay, Saryagash, Ridder and Kandyagash. Permanent improvement of services is a priority for GRANTUM which is also sent to the public; the Fund's
efforts were esteemed in March 2011 with the mark "IMPECCABLE" by the National Consumer League of Kazakhstan.

As of April 1, 2011 the nominal income ratio (K2) of GRANTUM for 12 months made up 6.29 which exceeds the average weighted ratio for the similar period across the accumulative pensions system (3.26).

As of April 1, 2011 the most part of the Funds' pension assets are placed in highly reliable government securities of the Republic of Kazakhstan where main share is that of financial instruments with inflation-indexed yield (MEUJKAM). Other investments are represented by corporate bonds and shares issued by major financially solid foreign and national issuers. The most part of pension assets is invested in financial instruments valued at the credit rating scale of
international rating agencies (80.71%). The structure of the Fund's pension assets as of April 1, 2011 was as follows:

- Securities issued by the National Bank of the Republic of Kazakhstan  and   Ministry of Finance of the Republic of Kazakhstan (GS) - 55.89%;

- Non-government securities issued by institutions of the Republic of  Kazakhstan - 25.17%;

- Non-government securities issued by foreign institutions - 2.0%;

- Mortgage bonds of institutions of the Republic of Kazakhstan - 2.17%;

- Deposits in second-tier banks - 9.09%;

- Infrastructural bonds of institutions of the Republic of Kazakhstan - 1.53%;

- Securities issued by foreign governments - 0.85%;

- Balance in accounts - 3.30%.

In the structure of the Fund's investment portfolio tenge-denominated financial instruments make up 95.4 %, those in USD - 5.41% and rubles - 0.85%.

As of April 1, 2011 the net worth made up KZT6 bn, the financial result (net income) from the reported period made up KZT208 m.

During the 1st quarter 2011 GRANTUM fully complied with prudential regulations set by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (FSA) as for sufficiency of net worth (K1) and return on pension assets (К2).