Tashkent, Uzbekistan, Feb. 13
By Demir Azizov - Trend:
Standard & Poor's international rating agency reaffirmed the international credit ratings of the Uzbek state commercial Halk Bank at B + / B with a 'stable' outlook, the bank told Trend on Feb. 13.
It was earlier reported that the first time the agency upgraded the long term counterparty rating of the Uzbek bank at a 'B +' was in December 2011. Then the short term rating was affirmed at 'B'. The ratings were assigned to the bank with a 'positive' forecast.
"While examining the bank's activity, its strategic direction and results as of 2013, S&P analysts reaffirmed their assessment," the bank said.
Earlier, it was reported that the Uzbek bank increased its assets and calculated according to the national accounting standards, by 28.7 percent up to 2.766 trillion soums, loans by 37.4 percent (1.473 trillion soums ), the total volume of deposit funds by 36.9 percent (to 2.227 trillion soums) and equity by 12.9 percent up 309.8 billion soums in 2013.
The Uzbek bank was transformed from the Uzbek Republican Savings Bank in 1995. The bank is one of the largest in Uzbekistan. It has 14 territorial and 184 regional and city branches, 240 mini-banks and more than 8500 branches and savings banks.
The founders of the bank are the Uzbek Ministry of Finance and the Central Bank of the country, owning 51 and 49 percent shares respectively.
The bank is an agent of the government in the implementation of social programmes and works as a universal commercial bank. The bank was determined as the only organisation which accumulates the accounts of citizens participating in the accumulative pension system.
The official exchange rate is 2.215.99 soums/$1.
Translated by NH
Edited by SM