Consolidated balance of the National Bank of Uzbekistan for Foreign Economic Activities made up 3.788 trillion soums, a session of the board of NBU said on 24 April at its meeting dedicated to the results of the first quarter of 2007.

The press release of the bank said on 27 April that the net income of the NBU comprised 8.1 billion soums on the results of the first quarter and total income reached 67.2 billion soums. The capital of the bank increased by 18 billion soums in January-March 2007 to 515 billion soums.

The bank’s clients increased from 1.23 million to 1.268 million or up 3.1%. The number of accounts rose from 1.432 million to 1.467 million or up 2.4%. The number of retail client grew by 2.1% and the number of served legal entities increased by 4.1%.

The credit portfolio made up 2.013 billion soums or US$1.6 billion. The main share of credit portfolio is long-term credits. Total share of long-term loans in credit portfolio comprised 63.9%. The bank directed to development of priority directions of economy, financing measures on modernization and introduction of effective equipment, support small businesses, creation of import-replacing products, which are based on local resources.

Within programme on support of small business development, the NBU considers financing of the projects to utilize credit lines of foreign banks and financial institutions, off-budget funds and own means of the bank.

The volume of issued credits to small businesses due to own funds in the reporting period comprised 38.3 billion soums (200% compared to forecasted figures), of which short-term loans are 26.1 billion soums and long-term – 12.2 billion soums.

In January-March 2007, the bank continued work on attraction of depositors and increase of the balance of their deposits through improvement and introduction of new products. The move was directed to decrease off-banking circulation of money.

The work of the bank allowed it to increase the volume of deposits in national and foreign currencies in soum equivalent to 189.8 billion soums, or 5.2 billion soums more compared to the beginning of 2007. The balance of deposits in national currency comprised 119.3 billion soums.

The bank continued work on rendering remittance system with help of Western Union system and as of 1 April 2007, the remittance points comprised 104. Total volume of operations in the reporting period made up US$18.4 million, of which US$15.9 million fell to share of paid remittances.

The Uzbek bank said it issued 30,400 plastic cards in the reporting period and total number of issued plastic cards said 937,900. The volume of transactions on plastic cards comprised over 19.5 billion soums or up 1.7 times year-on-year. Number of trade-service enterprises, receiving payments in plastic cards, comprised 1,955, which has over 2,050 terminals. Turnover of terminals comprised 11.7 billion soums or 2.6 times up compared to the same period.

As of 1 April 2007, the NBU’s correspondent network covers 619 banks, including 591 foreign banks.

The release said the bank continued negotiations with leading banks of Western Europe, the USA and Asia on issues of further development of cooperation in trade and project financing, payment operations, financing of small businesses, treasury operations, retail banking and others.

In particular, two individual loan agreements on projects were signed within framework of the negotiations with Eximbank of China, as well as additional agreement on prolongation of term of credit line for US$300 million.

The bank worked on further expansion of cooperation with Islamic Development Bank, Asian Development Bank, International Finance Corporation, OPEC and other institutions within framework of cooperation with international finance institution.

The bank held negotiations with Oversea-ChineseBankingCorporation (Singapore) within the framework of the state visit of the Uzbek president to Singapore. In the result, the sides signed agreement on opening of credit line for trade financing for US$50 million. The Uzbek bank also signed agreement on cooperation and exchange of experience with Organization for Cooperation with Singaporean Companies, as well as cooperation agreement with Asian Banker.