Uzpromstroybank’s shareholders adopted decision to increase charter capital of the bank by 2.7 times to 50 billion soums, Uzbekistan Today reported.

Uzbek President signed a resolution directed to increase capitalization of the Uzbek banks this year and presented tax holidays to buyers of shares of commercial banks.

Nodir Nasirov, deputy chairman of Uzpromstroybank, said the bank plans to issue new emission of shares and increase par value of emitted shares from 1,500 soums to 2,000 soums due to undistributed net income of previous years.

The bank approved annual report of the board for 2006, which said the assets of the bank increased by 24.8% to 677.2 billion soums. The credit portfolio of the bank rose by 26.3% to 387.8 billion soums.

The share of own capital in credit resources made up over 70% and profitability of the bank comprised 13.2%. Last year, Uzpromstroybank’s own capital increased by 30% to 61.8 billion soums.

Uzpromstroybank is one of the oldest financial institutions of Central Asia. It was founded in 1922 and specializes on financing strategic sectors of industry. The bank has over 28,600 individual and 3,700 legal shareholders. The bank has 47 branches, 181 saving offices, 82 mini-banks in all regions of Uzbekistan. The bank has its office in Moscow, Russia.