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Uzbek bank increases assets by 24 percent in first six months

Business Materials 12 July 2010 16:05 (UTC +04:00)

Uzbekistan, Tashkent, July 12 / Trend D. Azizov /

Uzbek Qishloq qurilish bank in the first half of 2010 increased assets, calculated according to national accounting standards by 24.4 percent compared to 444.2 billion sums in 2009, the Bank's leadership said.

The credit portfolio in January - June increased by 1.6 times - up to 322.1 billion soums, the total capital - at 72.3 percent to 126.6 billion soums July 1, 2010, given the authorized capital formed on that date to the amount of 101 billion soums.

The bank was established by a decree of President Islam Karimov in March 2009 on the basis of Gallabank with a capital of $ 150 billion soums.

The bank started the placement of additional issue of shares amounting to 100 billion soums to increase the share capital 3 times - up to 150 billion soums in January this year. The issue consists of one billion ordinary shares of nominal value of 100 sums each.

Placement of shares is provided among shareholders determined by the decision.

The Ministry of Finance will buy securities worth 60 billion soums, the Fund for Reconstruction and Development - $ 25 billion soums, State Joint Stock Company Uzdonmahsulot and state railway company Uzbekistan Temir Yollari - 4 billion sums each, State Joint-Stock Insurance Company Uzagrosugurta - 1,5 billion soums, Uzvinpromholding - the same amount.

Moreover, shares worth 4 billion soums will be offered to small shareholders, including about 3,000 physical entities, who owned shares worth 11,1 billion soums in Gallabank.

After placement of emission, main shareholders of the bank will be the Ministry of Finance with a share of 53.3 percent and the Uzbek Fund for Reconstruction and Development - 23,7 percent, while the joint share of the state on behalf of such shareholders will be 77 percent by early 2011.

The bank was established for lending and banking services to the population and legal entities with a view to fulfilling their needs for housing and utilities, social sectors and equipping of rural settlements in the state program of development and improvement of the village.

The bank's assets increased twice up to 357.1 billion soums compared to 2008, credit portfolio - by 42.2 percent, up to 201.3 billion soums, the total capital - more than 2 times - up to 73 5 billion soums in 2009.

"Qishloq qurilish bank" is exempted from paying taxes on profits until 2012.

On July 12, the official exchange rate is 1597,71 soums per $1.

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