Uzbek bank increases assets on International Financial Reporting Standards by 19.8 percent in 2012
Uzbekistan, Tashkent, June 25 / Trend, D. Azizov /
The Uzbek Agrobank, one of the five largest banks in the country, increased its assets by 19.8 percent or by 1.914 trillion, the bank's balance sheet audited in accordance with International Financial Reporting Standards said.
In particular, the bank's loan portfolio increased by 20.6 percent - up to 1.268 trillion soums, liabilities increased by 18.4 percent - up to 1.665 trillion soums.
The clients' deposits increased by 14.5 percent - up to 1.213 trillion soums in a total volume of liabilities. The demand deposits decreased by 6.2 percent - up to 683.715 billion soums, the volume of term deposits increased by 11 percent - 269.507 billion soums, savings deposits - by 1.9 times up to 183.481 billion soums.
The bank's equity as of late 2012 amounted to 248.303 billion soums, increasing by 30.3 percent per year. The authorized capital increased by 27 percent - up to 193.732 billion soums.
As of 2012, Agrobank earned net profit worth 16.629 billion soums compared to 1.148 billion soums in the previous year (an increase of 14.5 times).
Agrobank was formed from Pakhtabank in March 2009 upon the decree of the Uzbek president. The main objectives of the bank are loans and complex banking services rendered to farms dealing with agricultural production, including cotton and grain processing enterprises.
About 185 districts and urban branches, 468 mini-banks, 189 special cash desks, 274 currency exchange operate in all of the country's regions. The bank serves nearly 270,000 legal and over a million physical entities.
Agrobank's largest shareholders are the Finance Ministry and the Uzbek Reconstruction and Development Fund. Their joint share in the authorized capital is more than 50 percent. The rest shareholders own shares of less than five percent.
The official exchange rate is 2.090.70 soums/$1 on June 25.