Uzbek bank to direct net profits to dividends

Business Materials 12 July 2011 16:06 (UTC +04:00)

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

The Asaka Uzbek state joint stock commercial bank will pay dividends on ordinary shares for 2010 upon the decision of its shareholders.

The shareholders made a decision to pay 2,819.55 soums of dividends per ordinary share for 2010.

Total number of shares, on which dividends are paid, makes up six million units with per value of 52,600 soums each.

The bank's net profit for 2010, given adjustments on taxes, amounted to 39.675 billion soums, which is almost 1.5 times more compared to the same period of 2009.

The bank reported that the shareholders decided to increase the nominal value of each share by 2,600 in early 2011 through the direction of its net profit for January-September 2010.

Some 15.6 billion soums, or 39.3 percent of net profit for 2010 was directed to increase the par value of shares.

The shareholders' earnings per share will amount to 5.419.55 soums for 2010. As previously reported, in 2009 the bank paid 4 .265.77 per ordinary share of nominal value of 50,000 soums.

Some 16.917 billion soums, or 42.7 percent of the total net profit will be directed for the dividend payment for 2010.

Asaka was founded in 1996, mainly involved in lending to the automotive industry.

The bank has branches in all the country's regions, 107 mini-banks, 892 savings banks and 84 special pay desks to receive utility bills.

Correspondent relationships have been established with over 170 banks in the CIS and abroad.

The bank's main shareholders are the Finance Ministry with 66.65 percent, the Uzbek Reconstruction and Development Fund with 16.67 percent and Uzavtoprom with 16.68 percent.

The Uzbek banking system is represented by 31 banks, including three state banks.