Kazakh Kaspi bank sees higher profit in 2008

ALMATY Jan 19 (Reuters) - Kazakh Kaspi bank CSBN.KZ, formerly known as Caspian, expects net profit to grow 20-30 percent in 2008 despite the economic slowdown, Chief Executive Mikhail Lomtadze said in an interview.

"The growth in assets and loan book will be insignificant," Lomtadze said. "But our key products have grown by about 20-30 percent."

Kaspi, the Central Asian country's No.10 lender, earned 8.3 billion tenge ($68 million) in 2007.

Lomtadze said his bank would continue to focus on consumer and small business loans and needs to repay just over $100 million in foreign debts this year.

Kazakh banks' aggregate profit fell last year due to growing loss provisions after years of rapid expansion fuelled by external borrowing.

Russian private equity firm Baring Vostok Capital Partners owns a controlling stake in Kaspi bank.

(Editing by David Cowell) (Reporting by Masha Gordeyeva; Writing by Olzhas Auyezov)