OREANDA-NEWS. March 01, 2011. Private open joint-stock commercial Universalbank announced the results of 2010. The bank’s aggregate capital made up UZS 13.5 billion, increasing by 44.7 percent against 2009.

The authorized capital made up UZS 11.3 billion, which is a 97.3 percent increase year on year. The bank’s assets reached UZS 33.8 billion, having grown by 28 percent.

The bank issued loans worth UZS 10.3 billion last year, which is an increase of 19.8 percent.

Universalbank carried out a huge work in 2010 to attract the funds to the bank deposits. Theie volume increased by 14.1 percent during the year and reached UZS 3.15 billion.

Having taken the course to support and develop small and private business, as well as rural housing, Universalbank ensured growth in such areas as microcredits and mortgage lending to UZS 375.7 million and UZS 363.6 million respectively. Credits extended to small businesses accounted for UZS 12.8 billion.

Universalbank was founded in May 2002. Its main clients are small businesses and private entrepreneurs. Universalbank is a member of the Deposit Guarantee Fund, which means the state guarantees 100-percent return of the funds.

Since mid-2010, Universalbank began a large-scale restructuring aimed at strengthening corporate governance and control of operational risk, as well as increasing the market share. The team of skilled professionals provides additional impetus for further improvement of the banking institution.

Total restructuring of the bank is carried out in order to implement the resolution of the President of Uzbekistan “On priority directions of further reforming and improving the stability of the financial and banking system of the republic in 2011-2015 and achieving high international rating indicators” signed on 26 November 2010.

This work meets the goals and objectives stated in the report of the President Islam Karimov at the solemn meeting dedicated to the 18th anniversary of the Constitution, where 2011 was declared the Year of Small Business and Private Entrepreneurship.

Universalbank is among the banks that are directly involved in servicing this segment of the economy. The development strategy of the bank is focused on further improving the quality of variety of banking services to representatives of domestic business.

In the past year, the bank introduced several types of deposit products, bringing their number to 22 (19 in national currency and 3 in foreign currency). As part of the program of development of cashless payments among the population, the bank issued more than 7,500 soum plastic cards as of the end of 2010.

Over the last year, the number of customers exceeded 17,000, having increased by 13.9 percent. It is worth noting that the share of enterprises with foreign investment in the structure of the bank’s customer base increased by 47 percent.

The corporate governance at Universalbank has significantly improved. The bank has been introducing the advanced risk management system. In 2011, introduction of the call-center and launch of the new website are planned.

The bank intends to expand its branch network in order to diversify its geographical operations. In 2011, Universalbank is preparing a broad range of products for retail and corporate customers, and is planning a restyling of its brand.

In general, the increase of the capital, more rigorous monitoring, improved quality of loans and introduction of new innovative banking products will allow the bank to strengthen its market position and increase its credit potential, contributing to the growth of the country’s economy.