Uzbek Alokabank’s assets increase by over ten percent since early 2013

Business Materials 21 November 2013 17:58 (UTC +04:00)

Tashkent, Uzbekistan, Nov. 21

By Demir Azizov - Trend:

Uzbek open joint stock commercial Alokabank increased its assets, calculated in accordance with the National Accounting Standards, by 12.8 percent up to 709.5 billion soums in January-September compared to the same period of 2012, the bank told Trend on Wednesday.

As of October 1, the bank's equity capital hit 120.6 billion soums compared to 105.3 billion soums as of late 2012 (a 14.2 percent increase).

Alokabank's net profit amounted to 10 billion soums as of three quarters of 2013 compared to 8.9 billion soums the previous year (a 13 percent increase).

Alokabank, a medium-size bank, was established according to the Cabinet of Ministers' resolution in 1995. The bank specializes in issuing credits to telecommunications facilities.
The bank's founders are the enterprises and organisations of the State Committee for Communication, Information and Telecommunication Technologies.

The bank has 12 office branches in the country, 27 mini-banks, 38 savings branches, 35 currency exchange points, and 18 international money transfer points.

The bank's stock is shared among over 3,000 shareholders. The bank's biggest shareholders are the Information and Communications Technologies Development Center and Electromagnetic Compatibility Center, which are part of the UTIA and hold 19.99 per cent each, as well as the Tashkent Information Technologies University (14.71 per cent).

The bank's assets, calculated according to the national accounting standards increased by 29 percent up to 629 billion soums in 2012 compared to 2011, the equity increased by 32 percent - up to 105.3 billion soums. In 2012, Alokabank earned a net profit worth 14.7 billion soums compared to 10.2 billion soums in the previous year (a 44 percent increase).

The official exchange rate is 2.186.96 soums/$1 on Nov. 21.