Assets of Turkmenvnesheconombank increase

Ashgabat, Turkmenistan, Feb. 21

By Huseyn Hasanov – Trend:

The State Bank for Foreign Economic Affairs of Turkmenistan (Turkmenvnesheconombank) increased its assets by 5 percent in 2018, Trend reports referring to the bank's message.

A 6.2-percent net profit growth was observed for this period, along with an increase in revenues over 1.4 times, the growth of the loan portfolio making up 8.7 percent, and equity capital increasing by 15.67 percent. By the end of 2018, the number of clients reached 436,398 people.

The dynamics of the main indicators of the bank’s activities over the past 10 years (2009-2018) have been indicated by the bank. As such, total assets increased 16 times and exceeded 36 billion Turkmenistan manats (TMT), credit investments increased 12 times and amounted to 18.4 billion TMT, and total equity increased 4 times.

This was achieved mainly through the annual capitalization of profits. The customer base increased by 27 times and amounted to 16.6 billion TMT, while the net profit of the bank increased 6.7 times and amounted to 126 million TMT by late 2018.

During the past year, the bank signed a number of loan agreements with Germany’s Commerzbank, the Japan Bank for International Cooperation (JBIC), the Asian Development Bank (ADB) and other financial institutions.

Moreover, cooperation agreements were signed during this period with the UAE’s Dubai Islamic Economic Development Center and Abu Dhabi Fund for Development, along with Qatar’s Al Qamra Holding Group and Saudi Arabia’s Global Projects Development Holding Co. and Riva Development Company.

With the support of the United Nations Development Program, a medium-term bank development strategy was developed, including the introduction of digital banking. Also, a document was prepared on the procedure for lending to projects financed by international and foreign financial institutions.