The review of the Central Bank said currently NCOs are operating across Uzbekistan. It added that the growth of NCOs’ number in 2008-2009 reflected in growth of other main indicators of the sector.

The review underlined that the growth of NCOs’ capital grew by 6% and reached 57.1 billion soums. The capital growth was achieved due to equity fees and their income.

Total assets of NCOs in 2009 rose by 90% to 224 billion soums, the Central Bank’s review said. The assets structure includes income-bearing assets, fixed resources, liquid and other assets. The main part of income bearing assets comprises of loans, issued to small and private businesses, as well as individuals.

The growth of liabilities of NCOs expanded their loan portfolio and rise of crediting of members and customers, the bank said.

The volume of NCOs’ loan portfolio reached 193.3 billion soums as of 1 January 2010, or grew by 81%, the review said.

Largest share in loan portfolio fell to short-term loans up to a year. The main loan receivers were trade and catering enterprises. The NCOs expand finance of agriculture, industry, communication, transport and other sectors.

Due to high demand to microloans, the NCOs are actively entering into deposit market. The volume of attracted resources rose by 85% to 151.3 billion soums.

The largest part of liabilities of credit unions fell to share of interest obligations. The analysis of deposit portfolio showed that its main part fell to short-term deposits of individuals (at least 90%). The growth of deposits serves as evidence about financial and payment stability of credit unions and allowd them to build long-term development plans.

Currently, credit unions along with commercial banks and other financial institutions consists main part of financial sector of Uzbekistan.

The financial stability of credit unions helps the organizations to increase their members annually. At the beginning of 2010, the number of credit unions’ members made up 153,000, of which 98% were individuals.

The Central Bank of Uzbekistan said that the NCOs also actively carry out leasing operation. But it did not disclose any figures.

The financial activity of credit unions in 2009 completed with income. Aggregate net income comprised 20.8 billion soums or rose by 25%.