Uzbekistan, Tashkent, Dec. 26 / Trend, D. Azizov /
Ipak Yuli's open joint-stock commercial innovation bank, one of Uzbekistan's medium sized banks, increased its authorized capital by 23.6% to 44 billion soums, the bank's management told Trend.
Its authorized capital was increased through the placement of additional emission of shares to the total amount of 8.4 billion soums, carried out by the bank in August by decision of the annual general meeting of shareholders, the agency's interlocutor said.
In total, the bank placed 84 million ordinary shares with the nominal value of 100 soums. The shares were placed by public subscription, including through the Republican Stock Exchange in Tashkent.
The authorized capital of the bank totals 44 billion soums, it consists of 439,994 million ordinary and 60,000 preference shares with a nominal value of 100 soums.
The shares are owned by approximately 1,000 shareholders, which are generally legal entities and individuals. The leading shareholder is the National Export-Import Insurance Company Uzbekinvest, which holds about 18%.
Ipak Yuli Bank was established in 1990. The Bank has a branched structure of mini-banks, express centers and 10 branches in Tashkent and many additional provincial operations.
In 2011, the bank's assets, as calculated by the International Financial Reporting Standards (IFRS) rose to 638.846 billion soums, or by 22.3% compared to the same period in 2010.
The credit portfolio increased by 48.5% to 271.407 billion soums, equity rose by 33.5% to 56.145 billion soums, liabilities went up by 21.3% to 582.701 billion soums, including the volume of deposits which increased by 19.5%, up to 523.882 billion soums.
According to year totals, the net profit of the bank increased by 57.8%, to 12.84 billion soums.
Previously, it was reported that in October, the Board of Directors of The Asian Development Bank (ADB) approved joining authorized capital with the Ipak Yuli bank. The ADB will invest up to $6 million in the bank's authorized capital by buying a part of the additional share emission at a cost equal to about 15% of the total registered capital.
According to the agency's interlocutor, the amount of the bank's announced authorized capital approved by shareholders, is 50.9 billion soums. According to the decision of shareholders, the bank can place 69 million ordinary shares with a nominal value of 100 soums. Shares from new emission will be placed by private subscription of Asian Development Bank.
The official exchange rate on December 26th is 1984.00 soum / $1.