Uzbek bank increases assets

Business Materials 25 January 2011 12:28 (UTC +04:00)

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

The Uzbek Agrobank, one of the five largest banks in the country, increased its authorized capital by 22 percent to 1.681 trillion soum in 2010, the bank's management told Trend.

The bank's loan portfolio increased by 1.4 percent to 1.032 trillion soum, with liabilities growing by 21.2 percent to 1.46 trillion soum. The bank's total capital also increased by 28 percent to 220.893 billion soum as of Jan. 1, 2011 with $115 billion soum in authorized capital.

Agrobank was formed from Pakhtabank in March upon the decree of the Uzbek president. The main objectives of the bank are loans and complex banking services rendered to farms dealing with agricultural production, including cotton and grain processing enterprises. Agrobank is the legal successor of Pakhtabank for property, financial and other obligations.

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

The bank increased its assets by 44.3 percent compared to 2008 to 1.378 trillion soum, loans by 1.4 times to 1.018 trillion soum, and total liabilities by 46.3 percent to 1.205 trillion soum in 2009. The bank's total capital  increased by 31.6 percent to 172.588 billion soum as of Jan. 1. Net profit in 2009 totaled 15.5 billion soum, which is almost the same level as in 2008.