Uzbek bank increases its assets by 30 percent in 2013
Tashkent, Uzbekistan, Feb. 3
by Demir Azizov - Trend:
The Uzbek State Commercial Xalq Banki (People's Bank) increased its assets calculated in accordance with the International Financial Reporting Standards (IFRS) by 28.7 percent to 2.766 trillion soums in 2013 compared to 2012, the bank said on Feb. 3.
Xalq Banki's credit portfolio increased by 37.4 percent up to 1.473 trillion soums in 2013, the bank said.
The total volume of deposit funds amounted to 2.227 trillion soums (a 36.9 percent increase), including the population's balance - 1.387 trillion soums (a 36.1 percent increase) as of early 2014.
The bank's equity increased by 12.9 percent - up to 309.8 billion soums given the formed authorized capital worth 200 billion soums in 2013.
The bank was established in 1995 on the basis of the Uzbek Republican Savings Bank.
The bank is one of the largest ones in the Uzbek banking system. Its structure includes 14 territorial, 184 regional and city branches, 240 mini-banks 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 bank is an agent of the government in the implementation of social programs and acts as a universal commercial bank. The bank was defined as the sole organization in charge of accumulating accounts of citizens participating in the accumulative pension system in accordance with the law on "Accumulative Pension Provision of Citizens".
The official exchange rate is 2.203.49 soums/$1.
Translated by NH
Edited by CN