Uzbek bank to transfer 91 percent of net profit
Uzbekistan, Tashkent, March 28 / Trend D. Azizov /
A general meeting of shareholders of the Uzbek Joint Stock Commercial Microcreditbank decided to transfer 91.4 percent of net profits received as of late 2010 to increase the authorized capital, the bank told Trend.
As of 2010, the net profit amounted to 3.454 billion soums compared to 3.826 billion soums the previous year (reduced by 9.7 percent).
The dividends on preference shares for 2010 will amount to 20 percent of face value, or 204.79 soums per share par value worth 1023.96 soums.
At present, the authorized capital of the bank was formed to the amount of 153.594 billion soums. It consists of 150 million shares, including 135,000 preference shares and 149.865 million ordinary shares worth 1023.96 soums.
The largest shareholders are the Ministry of Finance and the Central Bank. The share in the authorized capital of the bank is 80 percent.
The Microcreditbank was created by the presidential decree in May 2006 on the basis of the joint-stock commercial bank "Tadbirkor" (Entrepreneur) to provide a wide range of banking and consulting services to small entities, private entrepreneurs and farmers.
The structure of the bank has 82 branches, 284 mini-banks. The client base hits more than 173,000 physical and legal entities. Microcredit is a member of the Association of Banks of Asia (ALA), a member of the Microfinance Centre for Europe and the CIS.
The bank's assets increased by 15.6 percent - up to 412 billion soums, the loan portfolio - by 13 percent - up to 320.7 billion soums, total capital - by 2.9 percent - up to 166.2 billion sums in 2010.
The official exchange rate is 1677,73 soums per $1.