Uzbek Asaka increases its assets under IFRS by 30 percent in 2011

Uzbek Asaka increases its assets under IFRS by 30 percent in 2011

Uzbekistan, Tashkent, April 6 /Trend D.Azizov/

State Joint-Stock Commercial Bank (SJSC) Asaka increased its assets in 2011, calculated according to International Financial Reporting Standards (IFRS) and up by 30.5 per cent to 3.493 trillion soum, according to the audited balance sheet of the bank, published on Friday in the media.

According to the report, the volume of credits issued to customers amounted to 2.212 trillion soum in 2011 compared to 1.521 trillion soum the previous year (an increase of 45.4 per cent).

Cash and cash equivalents increased by 13.3 per cent, up to 741.623 billion soum, fixed assets by 7.8 per cent, to 44.808 billion soum.

Bank Asaka increased its liabilities by 32.4 per cent up 3.071 trillion soum last year, including a customer accounts increase by 40.4 per cent to 2.19 trillion soum during the reporting period.

Equity capital of the bank amounted to 422.434 billion soum in 2011 soums compared to 359.104 billion soum in the previous year, an increase of 17.6 per cent. In particular, the share capital calculated in accordance with the IFRS increased by 7.9 per cent up to 377.242 billion soum.

Net profit amounted to 40.18 billion soum at the end of 2011 compared to 32.255 billion soum in 2010, an increase of 24.6 per cent.

Bank Asaka was established in 1996. The main focus of its activities is lending to the automotive industry.

Shareholders of the bank are the Ministry of Finance with a 66.65 per cent shareholding, the Fund for Reconstruction and Development of Uzbekistan, 16.67 per cent and joint-stock company Uzavtoprom, 16.68 per cent.

As previously reported, the bank's assets, calculated according to national accounting standards (NAS) in 2011 increased by 30.9 per cent, compared to 2010, up to 3.532 trillion soum, credit investments by 34.9 per cent to 1.588 trillion soum, own bank capital by 20.1 per cent to 488.7 billion soum, including the statutory capital by 9.8 per cent, to 343.1 billion soum.

The banking system of Uzbekistan is represented currently by 30 commercial banks, including three states, of which five are with the participation of foreign capital, 12 are joint-stock and 10 are private.

Official exchange rate on April 6 is 1846.65 soum/$1

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