OREANDA-NEWS. August 11, 2010. To guarantee an effective development of entrepreneurship, it is crucial to increase the number of private banks where the share of founders (psychical entities) comprises not less than 50% of the charter capital and the rest of the capital belongs to non state legal entities.

The Decree of the President of the Republic of Uzbekistan "On measures for stimulation of private banking" is an important landmark and stimuli for the establishment of private commercial banks.

The activity of InFinBank private open joint stock commercial bank established in 2007 is a striking example of putting the Decree into practice. To be noted, the companies of production and financial segment of the economy prevail in the number of bank shareholders from among small- and medium-sized business.

Nowadays, the bank's activity is concentrated in the capital city region. With headquarters in Tashkent, the bank renders its services in two branches in Sergeli district and Kibray city as well as in Navoi mini-bank and 4 service centres in Tashkent.

Despite its short story, InFinBank managed to win its niche in the banking market and was listed in 20 large-scale banks of Uzbekistan.

On the results of first half year 2010, the bank's owned capital grew by 24.84% and comprised 8.8 billion soums. The bank assets as of 1 July 2010 made up 87.6 billion soums which exceeds the last year first half number by 131.42%.

On the results of first six months 2010, the bank's credit portfolio exceeded the number of the same period of last year by 71.18% and amounted to 27.3 billion soums.

At the same time the investment portfolio rose 2.5 times for the same period. Net profit of the bank on the results of first half year 2010 doubled and comprised 2.6 billion soums.

Retail bank services is a minor portion of total bank profits, however this business segment shows a dynamic growth tendency and is an important aspect of the bank development. Currently, InFinBank renders its services to more than 7,000 individuals.

An aggressive marketing strategy caused the increase of the bank deposit portfolio which grew by 88% on the results of the first half year 2010 as compared to figures of the same period last year and comprised 47.6 billion soums as of 1 July 2010.