National Bank of Uzbekistan ups IFRS assets 13.3% in 2011
TASHKENT. May 18. (Interfax) - The National Bank for Foreign Economic Activity of the Republic of Uzbekistan (the National Bank of Uzbekistan, or NBU), Uzbekistan's largest bank, boosted its net assets to International Financial Reporting Standards (IFRS) 13.3% to 7.876 trillion som in 2011, NBU said in its financial report.
The bank's loan portfolio expanded 17.9% to 4.686 trillion som last year, liabilities were up 13.7% to 7.104 trillion som, and equity capital rose 10% to 771.57 billion som.
Meanwhile, NBU's net profit declined 4.5% to 67.598 billion som.
NBU was established in September 1991 as an agent of the government on international markets. It currently acts as a universal commercial bank.
The bank's clients include around 2.5 million private individuals and legal entities, and correspondent relations have been established with 650 international banks. NBU's structure boasts about 100 departments and branches, as well as its subsidiary Asia Invest Bank in Moscow.
Uzbekistan's banking system is represented by 30 commercial banks, including three government-owned, five with foreign capital participation, 12 joint stock and ten private.
Last year, Uzbekistan's banks increased their cumulative assets 32.4% to 27.45 trillion som, their aggregate loan portfolio 35.6% to 15.65 trillion som, and their total banking capital 30% to 5.334 trillion som.
The official exchange rate on May 18 was 1,865.13 som/$1.