Uzbek bank to pay dividends

Business Materials 15 May 2012 17:55 (UTC +04:00)

Uzbekistan, Tashkent, May 15 / Trend D. Azizov /

Uzpromstroybank has the third largest major financial indices in the Uzbek banking system. It will pay dividends as of 2011 to the amount of 99 soums for ordinary share and 544.5 for preferred share worth 2,475 soums, amounting to 4 and 22 per cent per annum, respectively, the management of the bank told Trend today with reference to the
shareholders' decision of the annual general meeting.

As of 2010 the bank paid dividends worth 2.7 per cent per annum (59 soums) for each ordinary and 20 percent (472 soums) - for each preferred share of the same nominal value.

According to the balance sheet approved by shareholders, the bank's net profit as of 2011 increased by 1.8 times - up to 22.603 billion soums.

About 30.1 percent (6.811 billion soums) will be allocated to pay dividends of the total net profit, 14.9 percent (3.375 billion soums) to the reserve fund and to develop the bank, 75.2 million soums to encourage members of the bank council and the audit commission and the rest income (12.342 billion soums) to the capitalization.

According to the audited balance sheet, Uzpromstroybank's assets in 2011 increased by 79.4 percent to 3.46 trillion soums compared to 2010, credit portfolio - 63.6 percent - to 2.23 trillion soums, the liabilities - 85.4 percent to 3.24 trillion soums, the equity of the
credit organizations increased by 22.7 percent - up to 224.95 billion soums.

The authorized capital of the bank has been formed to the amount of 148 billion soums when the annual general meeting of shareholders was held. It is divided into 57.78 million ordinary and two million preferred shares of 2,475 soums each.

About 35,062 shareholders, including 31,500 physical entities and 3,562 legal entities own the bank's shares. The largest shareholders of the bank are the Uzbek Ministry of Finance (35 per cent in the authorized capital) and the Reconstruction and Development Fund (26 percent).

Uzpromstroybank is the oldest bank in Uzbekistan. It was established in 1922. It was re-registered in 1991. The main activity is to lend the enterprises operating in strategic sectors of industry. The bank has 45 branches, 176 savings banks, 65 mini-banks located in all regions of the republic, a representative office in Moscow.

The official exchange rate is 1.865.13 soums per $1.