Uzbek Mortgage Bank to increase authorized capital by 25 percent

Business Materials 5 June 2012 18:36 (UTC +04:00)

Uzbekistan, Tashkent, June 5 /Trend D.Azizov/

Joint-Stock Commercial Mortgage, Mortgage Bank, one of the largest banks in Uzbekistan in 2012 will increase authorized capital by 25 percent - up to 109.354 billion soum, the bank said.

According to the bank, the authorized capital will be increased due to the direction of the net profits earned by the bank at the end of 2011, to the capitalization by increasing the nominal value of each share to 1.7 thousand soum from the current 1.36 thousand soum.

The Bank will direct total of 21.87 billion soum from 25.636 billion soum of the total net profit for 2011 for this purpose.

In the near future, the bank will carry out additional issue of shares worth 109.354 billion soum - total of 62 million 326.24 thousand common and two million preferred shares with nominal value of 1.7 thousand soum each.

The securities will be made available by private subscription among the shareholders by converting the shares of a nominal value of 1.36 thousand soum for shares of face value of 1.7 thousand soum according to participation rights.

Earlier in August 2011 the bank increased the authorized capital by 36 percent up to 87.48 soum, 23.157 billion soum from old profits was directed at increasing the authorized capital.

The increase of authorized capital was carried out through placement of securities by private subscription among shareholders by converting shares with a par value of 1,000 soums into stock with a par value of 1,360 soums.

Mortgage Bank was established in April 2005 through the merger of Uzzhilsberbank and Zamin.

The bank specializes in the lending long-term individual housing construction and financing loans.

The bank has 39 branches, 135 mini-banks, 485 savings banks and 147 exchange offices.
In 2011, the assets of the Bank for International Financial Reporting Standards (IFRS) increased by 43.1 percent - up to 1.504 trillion soum, the loan portfolio increased by 63.4 percent - up to 907.808 billion soum. Liabilities reached 1.366 trillion soum in 2011 (an increase of 44.9 per cent), including customer accounts increased by 38.6 percent - up to 928.379 billion soum. Net banking capital of the bank increased by 26.9 percent and made up to 2011 137.66 billion soum.

Net profit of the credit institution in 2011 increased by 59.8 percent compared to same period of 2010 - up to 25.636 billion soum.

Official exchange rate on June 5 is 1874.85 soum / $1