The statement said that the Board of the bank held a session on 18 October and discussed the bank’s activity during January-September 2008.

NBU said that it net income in the reporting period increased by 5.8 billion soums year-on-year to 27.3 billion soums in nine months of 2008. The credit portfolio reached 2.173 trillion soums, of which US$1.255 billion were issued in hard currency and 504 million soums in national currency, the bank underlined.

The statement reads that NBU focused its efforts to credit projects directed to development of priority branches of economy, modernization and re-equipment of enterprises, support of small businesses, production of export-oriented and import-replacing goods.

NBU considered and financed projects of small businesses from the credit lines of a number of foreign banks and financial institutions, off-budget funds of Uzbekistan and the bank’s own resources, the statement said.

To date, the bank approved for financing 182 projects for US$471 million, of which US$289.5 million fell to share of credits. Major share of credits were directed to food and light industry (37.4% and 34.8% in total share respectively). The bank issued credits to three projects for US$6.8 million from own resources.

NBU also used own resources to allocated 189 billion soums to finance projects of small businesses. It also issued credits for 3.25 billion soums from the resources of the Soft Crediting Fund and off-budget funds.

The statement said that the bank attracted 254.3 billion soums to the deposits in the reporting period. NBU attracted 227.3 billion soums to deposits in the same period of 2007, the statement said.

During January-September, about 124,600 plastic cars were issued and total transaction with use of the plastic cards comprised 135.3 billion soums or increased 1.9 times, the bank said.

NBU noted that during nine months of 2008, the bank hold negotiations with foreign and international financial institutions to attract their resources.