Uzbek Trustbank to increase authorised capital
Uzbekistan, Tashkent, May 23 / Trend D. Azizov /
The shareholders of the private open joint stock bank, Trustbank of Uzbekistan, approved the maximum amount of authorized shares in the amount of five billion soums to increase its authorised capital by 26.7 percent - to 23.7 billion soums, the bank's management told Trend on Wednesday.
"According to the decision of the shareholders, the bank may place an additional five million common shares of par value of 1,000 soums each. Total amount of authorised shares is five billion soums," the bank said.
The source said an additional emission will be issued in the third quarter of the year.
According to the bank, its assets grew in 2011 by 20.4 percent, compared to the totals in 2010 - up to 462.837 billion soums.
Bank's loan portfolio grew by 57.1 percent - up to 125.514 billion soums, the liabilities - by 18.6 percent to 413.837 billion soums.
Equity capital increased by 38.1 percent and totaled at the end of 2011 49.688 billion soums. In particular, the authorised capital of the bank grew by 12 percent - up to 18.712 billion soums. Retained earnings amounted to 30.471 billion soums compared to 19.264 billion soums in 2010 (an increase of 58.2 per cent).
As of 2011, the bank received a net profit of 17.784 billion soums compared to 12.488 billion soums in 2010 (an increase of 42.4 per cent).
As previously reported, according to the established procedure in Uzbekistan, private banks in Uzbekistan are those banks authorised capital of which are by not less than 50 percent of funds are formed from individuals' funds.
Trustbank whose main activity is financial service of companies in the stock market and wholesale trade, was established in 1994, and in 2006, by decision of the shareholders, converted into a private bank.
The bank includes six branches, 16 mini banks, 22 money transfer points, 14 exchange offices and 15 savings banks. Correspondent relationships are established with 15 banks, including - ten foreign.
The banking system of Uzbekistan is currently represented by 30 banks, including three state, five - with the participation of foreign capital, 12 - joint-stock and 10 - private.
In 2011, total assets of banks in Uzbekistan grew by 32.4 percent, compared to the totals in 2010, and amounted to 27.45 trillion soums, the total loan portfolio - by 35.6 percent to 15.65 trillion soums, the aggregate bank capital - by 30 percent up to 5.334 trillion soums.
The official exchange rate is 1868.65 soums to $1 on May 23.