Uzbekistan, Tashkent, June 21 / Trend, D. Azizov /
The Uzbek Orient Finans private closed joint stock commercial bank, one of the newly established and fastest growing banks in the country, increased its assets by 85 percent - up to 198.22 billion soums in 2012, an audited balance sheet said.
According to the report, client loans fell by 29 percent to 20.11 billion soums, liabilities increased by 1.7 times up to 157.792 billion soums. The entire volume of the bank's liabilities has been represented by the clients' funds.
The bank's equity increased by 37.8 percent and amounted to 20.138 billion soums at the beginning of 2013, taking into account the formed authorized capital of 13.202 billion soums.
As of 2012, the bank gained the net profit of 5.52 billion soums compared to 3.126 billion soums in the previous year (an increase of 76.6 percent).
Orient Finans Bank was established in the form of a closed joint stock company in Tashkent in June 2010.
The authorized capital of the bank hit 11.48 billion soums.
The share of physical entities in the authorized capital is 80 percent.
Orient Finans Bank's priorities are to promote the intensification of social and economic reforms, to finance small and private business, as well as to stimulate the formation of a new class of property owners in the country.
According to Uzbek legislation, the private banks' authorized capital is formed by at least by 50 percent of the expense of physical entities. The physical entities' funds directed at creating the authorized capital are not subject to declaration.
The minimum amount of the authorized capital for private banks is set at 5 million euros.
Currently, the Uzbek banking system is represented by 29 commercial banks, of which three are state-owned, four - with foreign capital, 13 - joint stock and 9 - private.
The official exchange rate is 2.090.70 soums / $1 on June 21.