...

Agrobank plans to increase authorized capital by 15 percent

Business Materials 5 August 2010 13:21 (UTC +04:00)

Uzbekistan, Tashkent, August 5 / Trend D. Azizov /

The annual general meeting of shareholders of Uzbek joint stock "Agrobank", included in the five largest banks in the republic, decided to allocate 15 billion soums of the total volume of net profit received in 2009 to increase the authorized capital, the management of the bank told Trend.

The capital will be increased in accordance with the decision of shareholders by increasing the value of each bank's shares at 150 sums - up to 1,150 soums. As a result, bank's authorized capital will be increased by 15 percent - up to 115 billion soums.

In 2009 net profit amounted to 15.546 billion soums.

Moreover, the bank's shareholders decided to allocate 4.1 billion soums of earnings and net profit worth 3.644 billion soums for 2009 to the fund of concessional lending, the reserve fund - 777 million soums, and payment of dividends on preferred shares - 125 million soums.

Dividends on preferred shares will remain at the level of last year - 250 soums per share.

The authorized capital of "Agrobank" has been formed to the amount of 100 billion soums, divided into 99.5 million common and 500,000 preferred shares with a nominal value of 1,000 soums each.

The largest shareholders of Agrobank are the Ministry of Finance - 40 percent in the share capital and the Fund for Reconstruction and Development of Uzbekistan - 19 percent. Other shareholders hold shares less than five percent.

Agrobank was formed in March last year upon the decree of the Uzbek President from Pakhtabank. The main objectives of Agrobank are loans and complex banking services rendered to farms dealing with agricultural production, including cotton and grain processing enterprises, as well as the processing plant, storage, transportation and sale of cotton and grain production. "Agrobank" is the legal successor of "Pakhtabank" on property, financial and other obligations.

About 185 districts and urban branches, 468 mini-banks, 189 special cash desks, 274 currency exchange operate in all regions of the country. The bank serves nearly 270,000 legal and over a million physical entities.

In 2009, the bank increased its assets by 44,3 percent compared to 2008 - up to 1,378 trillion soums loans - by 1.4 times, up to 1.018 trillion soums, total liabilities - by 46.3 percent, up to 1,205 trillion soums. The total capital of the bank increased by 31.6 percent - up to 172.588 billion soums as of January 1, 2010. Amount received for net profit in 2009 amounted to 15,5 billion sums, which is almost the same level as 2008.

Latest

Latest