Uzbek Khalk Bank increased its assets under IFRS by 30 percent in 2012
Uzbekistan, Tashkent, June 28 / Trend, D. Azizov /
The State Commercial Khalk Bank (People's Bank) of Uzbekistan has increased its assets audited in accordance with the International Financial Reporting Standards (IFRS) by 30.5 percent to 2.109 trillion Soum compared with 2011, according to the bank's consolidated balance sheet released on Friday.
The volume of loans and payments in advance to customers in total assets amounted at the end of last year to 1.08 trillion soum, which is 43.4 percent more than in 2011.
The amount of Khalk Bank's liabilities has grown by 32.5 percent to 1.907 trillion soum, including customer deposits, which grew by 40.3 percent to 1.63 trillion soum. In regards to the total amount of deposit investments, demand deposits increased by 35.2 percent to 351.527 billion soum, savings - by 38.5 percent to 799.044 billion soum, and terms by 47.3 percent to 479.818 billion soum.
Khalk Bank's shareholders' equity, according to the report, increased by 16.4 percent to 272.545 billion soum given the share capital calculated at market value of 205.768 billion soum.
According to 2012 results, the bank had a net profit of 13.331 billion soum compared to 9.354 billion soum in the previous year (an increase of 1.4 times).
The State Commercial Khalk Bank was reorganized in 1995 from the Uzbek Republican Savings Bank. The Bank is the agent of the government in the implementation of social programs and acts as a universal commercial bank. In accordance with the law "On Funded Pension Provision of Citizens," Khalk Bank is defined as the sole organization in charge of accumulating accounts of citizens participating in the funded pension system.
To date, the People's Bank is one of the largest parts of the banking system of Uzbekistan. Its structure includes 14 territorial, 184 district and municipal branches and more than 3,500 branches and savings banks.
The founders of the bank are the Uzbek Ministry of Finance and the Central Bank, owning 51 and 49 percent shares, respectively.
The official exchange rate on June 28 is 2093.10 Soum / $ 1.