Uzbek bank Ipak Yuli increased its assets by 22 percent under IFRS

Business Materials 4 May 2012 17:59 (UTC +04:00)

Uzbekistan, Tashkent, May 4 /Trend D.Azizov/

Open Joint-Stock Innovation Commercial Bank (OJSICB) Ipak Yuli, included in the number of medium-sized banks in Uzbekistan, increased its assets, calculated according to International Financial Reporting Standards (IFRS) by 22.3 percent in 2011 compared to the same period in 2010 - up to 638.846 billion soum, the bank said on Friday.

Loans and advances to customers increased by 48.5 percent last year - up to 271.407 billion soum.

Bank liabilities increased by 21.3 percent in 2011 - up to 582.701 billion soum, including the volume of deposits increased by 19.5 percent - up to 523.882 billion soum.

Net profit of the credit institution increased by 57.8 percent in 2011 - to 12.84 billion soum in 2011 compared to 8.137 billion soums in 2010.

Bank's equity capital increased by 33.5 percent to 56.145 billion soum, taking into account the authorized capital, calculated at market value in the amount of $36.932 billion soum. The authorized capital stock consists of 355.94 million shares of common and preferred stock 60,000 par value of 100 soum each.

Open Joint-Stock Innovation Commercial Bank (OJSICB) Ipak Yuli was created in 1990, ranks among the medium-sized banks in Uzbekistan. The Bank has structure of mini-banks, express centers and 10 branches in Tashkent, and several regions of the country.

Correspondent relations have been established, in particular with the German Commerzbank AG and Deutsche Bank AG, the Austrian Raiffeisen Zentralbank Oesterreich, Kazakh Kazkommerzbank, American Express Bank (USA).

In 2011, it increased its assets, calculated according to national accounting standards, by 21.6 percent, compared to the same period in 2010, up to 640.9 billion soums, credit portfolio - by 49.9 percent, to 268 billion soums, equity - by 26.9 percent to 59.7 billion soums taking into account authorized capital of $35.5 billion soums. The authorized capital of the bank consists of 355.94 million common shares of and 60,000 preferred par value of 100 soums each. Bank shares are owned by about thousand shareholders, the largest of which is the National Export-Import Insurance company Uzbekinvest (about 18 per cent).
Official exchange rate on May 4 is 1859,07 soum / $1