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Uzbek agrarian bank increases assets by 1.4 times

Business Materials 18 August 2014 08:14 (UTC +04:00)
Agrobank, one of the five largest banks in Uzbekistan, increased its assets in January-June, 2014 by 42.2 percent - up to 3.664 trillion soums, as compared to the figures for 2013, the bank's management told Trend Aug. 15.
Uzbek agrarian bank increases assets by 1.4 times

Tashkent, Uzbekistan, Aug. 16

By Demir Azizov - Trend:

Agrobank, one of the five largest banks in Uzbekistan, increased its assets in January-June, 2014 by 42.2 percent - up to 3.664 trillion soums, as compared to the figures for 2013, the bank's management told Trend Aug. 15.

The assets are calculated in accordance with the national accounting standards.

The bank's loan portfolio since early 2014 rose by 57.6 percent - up to 2.68 trillion soums, while its liabilities increased by 47.6 percent up to 3.255 trillion soums.

In the first half-year, Agrobank increased the amount of liabilities by 47.6 percent - up to 3.255 trillion soums. In total liabilities the deposits totalled 1.875 trillion soums, or 57.6 percent.

The total amount of deposits has increased by 1.4 times since early 2014. Among the deposits, the demand deposits amounted to 868.401 billion soums (a growth of 21.6 percent), savings deposits - 354.855 billion soums (a growth of 7.3 percent), and fixed time deposit - 651.821 billion soums (a growth of 2.2 times).

The bank's own capital was 409.271 billion soums, increasing in six months by 10.2 percent. Aside from that by early July, the authorized capital was 263.52 billion soums versus 233.742 billion soums in late 2013 (a growth by 12.7 percent).

Agrobank was restructured from Pakhtabank in March 2009 under a decree by the Uzbek president.

The bank renders comprehensive banking services to farm enterprises producing agricultural goods, including cotton and grain processing enterprises, and the enterprises engaged in storing, transportation, and selling of the cotton and grain products.

The bank has 185 branches, 468 mini-banks, 189 special cash desks, 274 currency exchange offices in all of the regions of Uzbekistan. The bank serves nearly 270,000 legal entities and over a million individuals.

Agrobank's largest shareholders are the Finance Ministry and the Fund for Reconstruction and Development of Uzbekistan (FRDU). Their joint share in the bank's authorized capital is over 50 percent.

Other shareholders own shares of less than five percent.

Uzbek Central Bank's official exchange rate for Aug. 16 is 2340.19 UZS/USD.

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