Uzbek Mortgage Bank ups authorised capital by 25 per cent

Uzbekistan, Tashkent, July 30 / Trend D. Azizov /

The joint-stock commercial Mortgage Bank is among the largest banks in Uzbekistan. It increased its authorised capital by 25 per cent to 109.354 billion soums, the bank told Trend on Monday.

According to the information, at the annual general meeting of shareholders in May this year it was decided to increase the share capital by spending the net profit earned in 2011 to the capitalisation by increasing the nominal value of each share from 1,360 soums to 1,700 soums.

The bank spent 21.87 billion soums from the total net profit as of 2011 worth 25.636 billion soums for this purpose.

Last week, the bank made an additional issue of shares worth 109.354 billion soums - 62.326 million common and two million preferred shares with a nominal value of 1,700 soums each.
The securities are being placed through a closed subscription among the shareholders by converting the shares of a nominal value of 1,360 soums each for the shares with a face value of 1,700 soums according to participation rights.

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

The bank specialises in the lending of 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 per cent, up to 1.504 trillion soum and the loan portfolio increased by 63.4 per cent, up to 907.808 billion soum.

Liabilities reached 1.366 trillion soum in 2011 (an increase of 44.9 per cent), including customer accounts which increased by 38.6 per cent, up to 928.379 billion soum. Net banking capital of the bank increased by 26.9 per cent and made up 137.66 billion soum as of 2011.

The net profit of the credit institution in 2011 increased by 59.8 per cent compared to same period of 2010, up to 25.636 billion soum.

Official exchange rate on July 30 is 1.900.62 soums / $1.

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