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    Uzbekistan

    Uzbekistan develops law on bank reorganization and liquidation

    Uzbekistan develops law on bank reorganization and liquidation

    The Central Bank has unveiled a draft law for public discussion regarding the reorganization and liquidation of banks.

    "Uzbekistan Develops Law on Bank Reorganization and Liquidation"
    Source: Central Banking 

    This law comprises 6 chapters and 71 articles, with the aim of regulating relationships associated with the reorganization and liquidation of banks.

    In the presidential decree titled "On the Strategy for Reforming the Banking System of the Republic of Uzbekistan for 2020-2025," the development of a bank reorganization mechanism was specified. It was instructed to study international experience in engaging experts from the World Bank and establishing a bank reorganization mechanism.

    It was also decided to collaboratively work with experts from international financial institutions to draft a law on bank reorganization, discuss it with specialists, researchers, and the expert community, and submit the project to the Cabinet of Ministers.

    The discussion of this draft law will continue until October 31.

    Earlier, Daryo reported that the banking industry in Uzbekistan has demonstrated strong performance during the initial three quarters of 2023, as confirmed by Avesta Investment Group, a prominent financial advisory firm operating in Uzbekistan and Turkmenistan.

    For Trastbank, their performance in the first three quarters of 2023 is characterized by steady growth:

    - Total assets increased by 10.7% year-on-year, reaching UZS 8.7tn (around $713mn).
    - Total liabilities increased by 2.8%, totaling UZS 6.6tn (around $541mn).
    - Shareholders' equity surged by 1.45 times, amounting to UZS 2.15tn (over $176mn).
    - Net interest income increased by 14%, reaching UZS 680.1bn (around $56mn).
    - Net fee and commission income rose by 27%, totaling UZS 186.9bn (over $15mn).
    - Net profit increased by 20%, amounting to UZS 595.5bn (around $49mn).

    And for Uzumbank, the focus of their achievements in 9M 2023 is on notable expansion:

    - Total assets increased by 3.3 times year-on-year, reaching UZS 584.5bn (around $48mn).
    - Total liabilities multiplied by 6.94 times, totaling UZS 340.9bn (around $28mn).
    - Shareholders' equity rose 1.92 times, amounting to UZS 243.6bn (around $20mn).
    - Net interest income grew significantly by 22.2 times, reaching UZS 9.05bn ($741,320).
    - Net fee and commission income decreased by 16.9% but still totaled UZS 39.68bn (over $3.2mn).
    - Net profit reduced by 34.5%, amounting to UZS 17.4bn (over $1.4mn).

    And for Davrbank (formerly DAVB), their financial results demonstrate strength and progress:

    - Total assets grew by 1.73 times year-on-year, totaling UZS 5.65tn (around $463mn).
    - Total liabilities exhibited similar growth, increasing by 1.74 times to reach UZS 4.71tn (over $386mn).
    - Shareholders' equity rose by 66% to amount to UZS 938.6bn (around $77mn).
    - Net interest income increased by 44%, totaling UZS 301bn (around $25mn).
    - Net fee and commission income increased almost 5 times, reaching UZS 185.6bn (over $15mn).
    - Net profit rose by more than 2 times, amounting to UZS 302.8bn (around $25mn).

    These particulars highlight the strides made and the promising prospects for expansion within Uzbekistan's banking industry.

     

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

    22.10.2023, 20:39   Comments (0)   1791
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