The bank said that the growth of deposits on demand made up 72.1% and as of 1 April 2011, its volume reached 872.1 million soums. Net income of the bank made up 408.8 million soums.

In the reporting period, the clientele base of the bank increased by 1.2% and made up 17,583 clients, the bank said in the statement.

In the first quarter of 2011, Universalbank signed agreement with Migom and Lider money transfer system and launched six new deposit products. Currently, the bank offers services of four money transfer system.

In early 2011, Ahbor-Reyting affirmed the credit rating of Universalbank at uzB level in line with national scale in the result of monitoring of the bank’s activities in the fourth quarter of 2010. The outlook is stable. The rating of Universalbank takes into account adequate capitalization, balanced liquidity and improved financial results. The rating takes into account the fast growth of assets and related risks, relatively high credit risks, relatively limited business scale and clientele of the bank, acceptable level of assets and relatively low financial results of the activity.

Currently, Universalbank is holding negotiations with international rating agency on receiving credit rating.

The bank also started to introduce operational risks management system, which will improve corporate management and financial results of the bank, and decrease its risks.

Universalbank private open joint stock commercial bank was founded on 25 May 2002 with charter capital of 0.05 billion soums on the base of Qoqand private open joint stock commercial bank. The headquarters of the bank is located in Qoqand city, Ferghana region of Uzbekistan. The main clients of the bank are small and private businesses, as well as retail clients.