Uzbek Microcreditbank’s assets increase by 19 per cent in 2012

Business Materials 28 March 2013 14:33 (UTC +04:00)

Uzbekistan, Tashkent, March 28 / Trend D. Azizov /

The assets of Uzbek joint-stock commercial Microcreditbank, calculated on National Accounting Standards, increased by 19 per cent to 589 billion soums in 2012, the bank told Trend on Tuesday.

The credit investment volume of a total volume of assets reached 442.3 billion soums or 75.1 per cent as of 2012. In particular, the share of long term loans delivered for more than three years was 75 per cent of a total loan volume.

Microcreditbank's aggregate capital amounted to 176 billion as of early 2013 compared to 171 billion during the previous year, an increase of 2.9 per cent. In particular, the authorised capital of the bank has been formed on the same date to the amount of 160.2 billion soums. It consists of 149.856 million ordinary and 135,000 preferred shares at 1,068 soums each.

The bank's largest shareholders are the Finance Ministry and the Central Bank. Their total share in authorised capital of the bank is 80 per cent.

Microcreditbank was created by a presidential decree in May 2006 on the basis of the joint stock commercial bank Tadbirkor (entrepreneur), to deliver a broad range of banking and consulting services to small enterprises, private entrepreneurs and farmers.

The interest rate on the subsidised micro-credit issued by the bank to start businesses for up to 18 months to the amount of a 200-fold amount of the minimum wage is set at three per cent per annum for favourable micro-leasing and for up to three years of a 2000-fold amount of the minimum wage.

According to the bank, Microcreditbank delivered loans worth 1.2 trillion soums, including micro-loans worth 707 billion soums to small and private business.

The bank has 82 branches and 284 mini-banks with a client base extending to more than 173,000 individual and legal entities.

Microcreditbank is a member of the Association of Banks of Asia and a member of the Microfinance Centre for Europe and the CIS.

The official exchange rate on March 28 is 2.039.60 soms to $1.