Tashkent, Uzbekistan, March 11
By Demir Azizov- Trend:
Uzbek bank Savdogar, included in the group of medium banks of the country, increased its assets in 2013 by 38.3 percent up to 374.86 billion soum in 2012 compared to last year, the bank's management told Trend on March 11.
According to the report, the bank's loan portfolio last year grew by 64.3 percent, up to 261.55 billion soum, the liabilities by 41.4 percent up to 326.7 billion soum.
As of 2013, Savdogar Bank earned 11.3 billion soums of net profit compared to 8.218 billion soums in the previous year, a 37.5 percent of increase.
The total capital of Savdogar increased by 18.4 percent over the reported period and amounted to 48.16 billion soums at the beginning of 2014, the bank's management noted. The bank increased its authorized capital by 14.4 percent up to 47.459 billion soums last year.
At present, Swiss Astrata AG (25.82 percent), All Americas International, INC. (20.15 percent), the Khorezm Shakar JSC (Khorezm Sugar Plant) - 23.1 percent are the largest shareholders of the bank.
The Savdogar Bank was established by government decree in 1994 to serve the enterprises of trade and commerce in Uzbekistan. In April 2006, the German R&D Express-Aussenhandels GmbH acquired a 40 percent stake in the bank worth $2 million. In July of that year, by a special decree of the President of Uzbekistan Islam Karimov, the Savdogar joint-stock commercial bank for facilitating trade and commerce was transformed into the Savdogar Uzbek-German joint-stock commercial bank.
Due to the decline in the share of R&D Express-Aussenhandels Gmb to 25.6 percent, the bank changed its name from the Uzbek-German joint-stock commercial bank to an open joint-stock commercial bank with foreign capital in June 2012.
Savdogarbank has established correspondent relations with Austrian Raiffeisenbank, German Commerzbank and Russian Evrotrastbankom and Russlavbank.
The total number of bank customers including individuals exceeded 176,000 according to the 2012 results.
The official exchange rate on March 11 is 2,243.49 soum / $ 1.
Translated by S.I.
Edited by C.N.