Uzbek private Trustbank increases authorized capital by a quarter

Business Materials 26 November 2013 19:39 (UTC +04:00)
Uzbek Trustbank, a private open joint stock bank, increased its assets by 25 percent up to 26.25 billion soum.

Tashkent, Uzbekistan, Nov. 26
By Demir Azizov- Trend:

Uzbek Trustbank, a private open joint stock bank, increased its assets by 25 percent up to 26.25 billion soum, the bank told Trend today.

According to the bank, the capital increased as a result of placing additional shares worth 5.25 billion soums. The issue, registered by the Centre for Coordination and Development of the Securities Market in early September 2013, was made upon the decision of the annual general meeting of shareholders.

The bank placed 5.25 million shares of ordinary shares with a par value of 1,000 soums each within the emission. The securities are placed by public subscription by entitling the bank's shareholders to acquire shares.

"Currently, the bank's authorized capital is 26.25 billion soums, and it consists of 26.25 million shares with a par value of 1,000 soums, including 26,227 million ordinary and 23,000 preference shares," the bank said.

Trustbank, with its main focus on rendering financial services to the companies on the stock exchange and wholesale trade, was established in 1994. It was transformed into a private bank upon the shareholders' decision in 2006.

The bank's structure includes six branches, 16 mini-banks, 22 money transfer points, 14 exchange points and 15 savings banks.

Correspondent relations were established with 15 banks, as well as with ten foreign banks.

Trustbank increased its assets by 37.4 percent in 2012 compared to 635.887 billion soum in 2011.

According to the report, the loan portfolio grew by 15.2 percent to 144.626 billion soum.
Trustbank's equity capital increased by 33.7 percent up to 66.407 billion soum given the authorized capital to the amount of 21 billion soum.

As of 2012, the bank had a net profit of 20.97 billion soum, which is 17.9 percent more than in 2011.

The Uzbek banking system is currently represented by 29 commercial banks, including three state, four with foreign capital, 13 joint stock and nine private.

The official exchange rate is 2.190.67 soums/$1 on Nov. 26.