Uzbek-Turkish bank’s net profit jumps in 2011
Uzbekistan, Tashkent, May 10 / Trend D. Azizov /
The Uzbek-Turkish Bank's (UT-Bank) net profit has increased by 2.3 times in 2011 to 4.02 billion soums compared to 2010, the audited balance sheet of the bank said today.
According to the balance, the bank's assets last year increased by 1.48 times - up to 202.81 billion soums, including the funds from other banks - by 1.7 times to 149.06 billion soums, obligations - almost 1.4 times to 165.4 billion soums, including customer deposits -
by 1.3 times to 135.7 billion soums, the total capital - by two times to 37.43 billion soums.
UT-Bank is the first joint bank in Uzbekistan. It was established in 1993 as a closed joint stock company. The founders of the bank were Turkish bank TS Ziraatbank and Uzbek Joint-Stock Commercial "Pakhtabank" (now - "Agrobank") on an equal footing.
UT-Bank's priorities are to finance commercial transactions between economic entities of the founders of the two countries, as well as to promote the establishment and development of the Uzbek-Turkish joint ventures in Uzbekistan.
Correspondent relationships have been established with 10 foreign banks, including Deutche bank trust compani, Ziraat New York Branch, Fortis bank, and others.
The Uzbek banking system is represented by 30 banks, including three state, five - with the foreign capital.
In 2011, total assets of Uzbek banks increased by 32.4 percent and amounted to 27.45 trillion soums, the total loan portfolio - by 35.6 percent to 15.65 trillion soums, the aggregate bank capital - 30 percent - up 5.334 trillion soums compared to 2010.
The official exchange rate is 1862,03 soums/$1 on May 10.