Pakhta Bank, the fourth largest Uzbek bank on volume of assets, will pay dividends on the result of 2006. The bank’s shareholders adopted decision to pay 150 soums per ordinary share and 400 soums on preferential share with par value of 1,000 soums each.

The bank paid 200 soums per ordinary share and 400 soums on preferential shares in 2005. The volume of dividends on ordinary shares decreased by 1.3% in 2006.

Overall, the bank will direct 2.62 billion soums to pay dividends. According to report, approved by shareholders, the assets of Pakhta Bank increased by 44.9% to 503.9 billion soums and total volume of credit investments grew by 56% to 338.4 billion soums, while liabilities rose by 48.9% to 437.7 billion soums.

Own capital of the bank increased by 13.2% to 66.2 billion soums and the charter capital grew by 3.9% to 13.5 billion soums. Net income comprised 9 billion soums in 2006 against 10.2 billion soums in 2005.

According to the shareholders’ decision, 22.7% of net income of 2006 will be directed to pay dividends, 25% to fulfill privileged crediting fund, 24% to capitalization and other part will be used to develop infrastructure.

The shareholders prolonged authority of Abdurahman Boymuratov as chairman of the board of Pakhta Bank to 2007.

Shareholders of Pakhta Bank decided to issue the 12^th emission of shares for 6.5 billion soums, which will allow to increase charter capital of the bank by 48.2% to 20 billion soums.

The emission will comprise of 6.15 million ordinary shares and 0.35 million shares of preferential shares with par value of 1,000 soums.

Currently, the charter capital of Pakhta Bank makes up 13.5 billion soums, which comprises of 13.35 million ordinary shares and 150,000 preferential shares with par value of 1,000 soums each.

Largest shareholders are Uzhlopkoprom (Uzbek Cotton Industry, 5.3%) and Uzselhozhimiya (Uzbek Agriculture Chemistry, about 1.2%). Overall, the bank has 78,000 shareholders, of which 57,610 are individuals.

Pakhta Bank founded in 1995 and it specializes on crediting of cotton industry’s enterprises. The bank has 13 regional departments, 186 branches and 700 mini-banks. The clientele base of the bank includes 430,000 individuals and legal entities.