Uzbek-Korean UzKDBbank increases net profit by 1.5 times in 2011
Uzbekistan, Tashkent, April 13 /Trend D.Azizov/
The net profit of the Uzbek-Korean UzKDBbank is calculated according to International Financial Reporting Standards (IFRS) amounting to 13.077 billion soum at the end of 2011 compared to 8.422 billion soum in the previous year (an increase of 55.3 per cent), the bank said on Friday.
The bank's assets last year increased by 2.4 times, up to 749.94 billion soum, including the amount of funds in its structure of assets and increased by 3.5 times, up to 583.03 billion soum. The loan portfolio grew by four per cent, up 65.88 billion soum.
UzKDBbank increased its liability by 2.6 times, up to 689.038 billion soum in 2011.
Significant growth in these indicators of the bank is due to the activity of Korean companies in the Uzbekistan market, the management of the bank told Trend on Friday.
The total capital of the bank increased by 27.3 per cent and amounted to 60.905 billion soum on December 31, 2011. In particular, the share capital, calculated at market value increased by 2.6 times, up to 25.136 billion soum in 2011.
As previously reported, the bank sent a portion of retained earnings of previous years amounting to 15.222 billion soum for capitalisation, planning to increase its authorised capital by 2.9 times, up to 23.643 billion soum. This took place by increasing the nominal value of shares by 97.58 thousand soum, from 51.05 thousand of soum to 148.63 thousand soum.
The bank issued securities emission totalling $23 billion - 642.574 million soum and 159.07 thousand shares of common stock par value of 148.63 thousand soum each.
The shares were placed among the bank's shareholders by converting respectively to the shares of shareholder participation.
UzKDBbank, until February 2006 was known as the UzDEUbank, was established in 1997. About 61 per cent of its share capital was owned by South Korea's Daewoo Securities.
In February 2006 KDB bought the Daewoo Securities share, after which the bank was renamed UzKDBbank.
The shareholders of the Korea Development Bank, KDB and South Korea are 61 per cent, the European Bank for Reconstruction and Development (EBRD) has 27.8 per cent and the Uzbek National Bank for Foreign Economic Affairs and the Turon bank are at 5.6 per cent. The bank management implements by KDB.
The Royal Bank of Scotland N.V. reached an agreement for the sale of its 82.35 per cent shareholding in RBS NB Uzbekistan CJSC to the Korea Development Bank (KDB) I in 2010. KDB plans to merge RBS Uzbekistan with UzKDB Bank to create the largest foreign bank in the republic.
Official exchange rate on April 13 1849.76 soum/$1