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Uzbek Halk Bank increases assets by over 33 per cent this year

Business Materials 17 December 2013 17:53
The State commercial bank of Uzbekistan Halk Bank (People's Bank) increased its assets by 33.3 per cent since the beginning of the year compared to the total in 2012 and amounted to 2.8 trillion soums.

Tashkent, Uzbekistan, Dec.17
By Demir Azizov- Trend:

The State commercial bank of Uzbekistan Halk Bank (People's Bank) increased its assets by 33.3 per cent since the beginning of the year compared to the total in 2012 and amounted to 2.8 trillion soums, a representative of the bank's management told Trend on Dec.16.

The volume of credit investments totalled 1.5 trillion soums compared to 1.08 trillion soums at the beginning of the year, an increase of 38.9 per cent and liabilities went up by nine per cent amounting to 2.07 trillion soums, according to the bank's representative.

The bank's equity capital has increased by 13.4 per cent to 309 billion soums since early 2013 taking into account the authorised capital to the sum of 205.768 billion soums.

Halk Bank was restructured from the Republican Savings Bank of Uzbekistan in 1995. The bank is the government's agent responsible for the implementation of social programmes and operates as a universal commercial bank. In accordance with the law 'On cumulative pension provision of citizens', Halk Bank is the only organisation that accumulates accounts of citizens who partake in the cumulative pension system (CPS).

As of today, Halk Bank is one of the largest in Uzbekistan's banking system. Its structure includes 14 regional and 184 district and municipal branches and more than 3500 branches and savings banks.

The founders of the bank are the Uzbek Ministry of Finance and the Central Bank of the country, owning 51 per cent and 49 per cent of shares respectively.

It was earlier reported that Halk Bank increased its assets audited by the International Financial Reporting Standards (IFRS), by 30.5 per cent to 2.109 trillion soums in 2012 compared to 2011 and the bank's equity capital increased by 16.4 per cent to 272.545 billion soums. The net profit of the bank rose to 13.331 billion soums in 2012 compared to 9.354 billion soums in the previous year which is an increase of 1.4 times.

The official exchange rate on Dec.16 is 2197.27 soums/$1.

Translated by L.Z.

Edited by S.M.

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