Net profit of Uzbek Ipoteka-bank increases by 1.6 times in 2011

Uzbekistan, Tashkent, April 8 / Trend D. Azizov /

Net profit of joint-stock commercial Ipoteka-bank, which is one of the largest banks in Uzbekistan, grew by 59.8 percent in 2011, compared to the same period in 2010, and amounted to 25.636 billion soums, a report prepared by international financial Reporting Standards (IFRS) said.

According to a report published in the media, the bank's assets grew last year by 43.1 percent - up to 1.504 trillion soums, loan portfolio grew by 63.4 percent - up to 907.808 billion soums.

Cash and cash equivalents decreased by eight per cent - to 321.241 billion soums, fixed assets increased during the reporting period by 54.7 percent - up to 54.805 billion soums.

Obligations of Ipoteka-bank reached 1.366 trillion soums in 2011 (an increase of 44.9 per cent), including customer funds increased by 38.6 percent - up to 928.379 billion soums.

Equity banking capital of the bank increased by 26.9 percent and totaled at the end of 2011, 137.66 billion soums. In particular, authorized capital increased by 47.3 percent and was at the beginning of 2012 91.181 billion soums at market value, retained earnings from previous years decreased by 18.5 percent to 9.933 billion soums.

As previously reported, in August 2011 Ipoteka-bank of Uzbekistan increased its authorized capital by 36 percent - to 87.48 billion soums, directing 23.157 billion soums from profits of previous years to the capitalization.

In August 2011 Ipoteka-bank registered the issue prospectus worth 87.483 billion soums. The bank issued 62.326 million ordinary and 2 million privileged shares with a nominal value of 1,360 soums each.

The securities were placed by private subscription among shareholders by converting shares with a par value of 1,000 soums into stock with a par value of 1,360 soums.

Bank shares are owned by 15,200 shareholders, both legal entities and individuals. The largest shareholder is the Ministry of Finance with 27.8 percent stake.

Ipoteka-bank was established in April 2005 through the merger of Uzzhilsberbank and Zamin.
The bank specializes in the lending long-term individual housing construction and financing loans.

The bank has 39 branches, 135 mini-banks, 485 savings banks and 147 exchange offices, which allows to serve about 70,000 legal entities and over 600,000 individuals. Correspondent relations were established with banks of the U.S., Germany, Russia and Holland.

In 2010, the bank's assets increased by 36.9 percent - up to 1.051 trillion soums, credit portfolio - 30.6 percent, to 555.55 billion soums, liabilities - by 1.4 times, up to 942.53 billion soums, equity capital - 11.2 percent, to 108.47 billion soums.

The official exchange rate is 1846.65 soums / $ 1on April 7.