People’s Bank of Uzbekistan increases its assets by 12 per cent in the first quarter

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

In the first quarter of 2013, Halk Bank (People's Bank), an Uzbek state-run commercial bank, increased its assets calculated in accordance with national bookkeeping standards by 12.2 per cent compared to 2012 to 2.411 trillion soums, Halk Bank's representative told Trend.

According to the report, in January-March Halk Bank's loan portfolio increased by 18.2 per cent up to 1.267 trillion soums, including credit investments directed towards financing of industrial sector projects which made 21 per cent of the total loan portfolio. In the agricultural sector it was 26 per cent, in construction 13 per cent, in the transport, communications, logistics and sales sectors it was five per cent each and in other sectors 21 per cent.

The total amount of deposits, excluding interbank investments, amounted to 1.701 trillion soums (a 4.5 per cent increase) as of the beginning of April. The balance of funds of the population exceeded 1.083 trillion soums (a 6.3 per cent increase).

The bank's equity capital increased by 9.8 per cent up to 301.3 billion soums in three months considering the formed authorised capital of 200 billion soums.

The bank's authorised capital consists of 400,000 ordinary shares with a nominal value of 500,000 soums. Founders of the bank are Uzbek Finance Ministry and the Central Bank of Uzbekistan, which own 51 per cent and 49 per cent of the shares respectively.

Halk Bank was restructured from the Republican Savings Bank of Uzbekistan in 1995. The bank is the government's agent responsible for the implementation of social programmes and operates as a universal commercial bank. In accordance with the law 'On cumulative pension provision of citizens', Halk Bank is the only organisation that accumulates accounts of citizens who partake in the cumulative pension system (CPS).

As of today, the People's Bank is one of the largest in Uzbekistan's banking system. Its structure includes 14 regional and 184 district and municipal branches and more than 3500 branches and savings banks.

Uzbekistan's banking system is currently represented by 30 banks including three state banks, five banks with the participation of foreign capital and 13 joint-stock and nine private banks.

In 2012, the total assets of commercial banks increased by 32.8 per cent to 2.148 trillion soums compared to 2011, the total loan portfolio by 41.8 per cent (to 1.072 trillion soums) and the aggregate bank capital by 17.2 per cent (to 274.5 trillion soums).

The official exchange rate is 2081.59 soums / $1 on June 3

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