Uzbekistan’s bank issues additional common shares
Tashkent, Uzbekistan, Jan. 17
By Mammad Dashdemirov – Trend:
Joint-stock commercial Turonbank issued additional common shares with an aggregate nominal value of 121.3 billion soums, the bank's securities department told Trend.
Moreover, 71.3 million common shares with a nominal value of 1,700 soums will be also issued.
The authorized capital of the bank will increase by 77.4 percent up to 278 billion soums through the placement of shares.
To date, the biggest shareholders of Turonbank are the Uzbekistan Reconstruction and Development Fund, which owns 36.19 percent of the authorized capital, the Ministry of Finance which owns 31.9 percent and the State Committee for Assistance to Privatized Enterprises and Development of Competition - 20.15 percent.
Turonbank was established in November 1990. At the beginning of its activity, the bank specialized in lending to agricultural enterprises. Later the bank diversified its loan portfolio through active financing of other sectors of the economy. Presently, the bank has 18 branches and 28 mini-banks operating in all districts of the country.
In January-September 2017, Turonbank's assets increased by 1.7 times to 1.54 trillion soums. The bank’s loan portfolio increased by 1.5 times to 782 billion soums. The bank's capital increased by 1.8 times to 242 billion soums.
Net profit of the bank increased by more than 10 times and amounted to 74 billion soums in January-September 2017compared to the same period of 2016.
As of October 1, 2017, Turonbank ranked 14th among Uzbekistan’s financial and credit institutions in terms of assets and capitalization.
The profit tax of commercial banks has been reduced from 23 percent to 22 percent, the tax on income in the form of dividends remained at the same level of 10 percent since 2018.
(8,146.38 UZS = $1 on Jan. 17)