Uzbek-Korean UzKDB Bank Uzbekistan increased net profit by 14 percent

Photo: Uzbek-Korean UzKDB Bank Uzbekistan increased net profit by 14 percent / Economy news

Uzbekistan, Tashkent, June 25 / Trend D.Azizov /

The net profit of the Uzbek-Korean UzKDB Bank Uzbekistan (former UzKDB Bank), calculated in accordance with International Financial Reporting Standards (IFRS), amounted to 14.951 billion soums in 2012, compared to 13.077 billion soums in the previous year (an increase of 14.3 per cent), a balance sheet published in the media outlets says.

The bank's assets last year grew by 2.5 per cent up to 788.723 billion soums and the loan portfolio grew by 6.3 per cent up to 67.33 billion soums, the bank's report said.

In 2012 UzKDB Bank Uzbekistan increased the extent of its obligations by 3.5 per cent up to 712.867 billion soums. Clients' funds in total volume of liabilities amounted to 605.406 billion soums compared to 671.96 billion soums in 2011. (a decrease of 9.9 per cent).

The bank's aggregate capital increased by 24.6 per cent and amounted to 75.856 billion soums on December 31, 2012, taking into consideration the authorised capital of 25.136 billion soums.

In December 2010, the Korea Development Bank (KDB) purchased a share of British bank The Royal Bank of Scotland (RBS) in the Royal Bank of Scotland Uzbekistan (RBS Uzbekistan) at a rate of 82.35 per cent. The cost of the purchased package was not disclosed.

In December 2012 during general meetings, the shareholders of UzKDB Bank and RBS Uzbekistan approved the banks' merger agreement, the act of transmission on the integration of the two banks, as well as made a decision on renaming the UzKDB Bank CJSC to KDB Bank Uzbekistan.

In March of this year, the deal was approved by a special resolution of the Government of Uzbekistan.

In March, the Central Bank of Uzbekistan reissued the licence to carry out the banking operations for the Uzbek-Korean JSC UzKDB Bank, in connection with the merger with CJSC Royal Bank of Scotland Uzbekistan MB, as well as renaming JSC UzKDB Bank to CJSC KDB Bank Uzbekistan. KDB carries out the management of the bank.

As a result of the merger of UzKDB Bank and RBS Uzbekistan, the largest bank to date with the participation of foreign capital was created in Uzbekistan.

Shareholders of RBS Uzbekistan which was created in 1996 as a closed joint-stock company are KDB (82.35 per cent of shares) and National Bank for Foreign Economic Activity of Uzbekistan (nearly 17.6 per cent. Shareholders of UzKDB Bank are KDB (88.8 per cent), the National Bank for Foreign Economic Activity of Uzbekistan and the Uzbek bank Turon with 5.6 per cent each.

The official exchange rate on June 26 - 2093.10 sum / $ 1.

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