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    Uzbekistan Economics Finance

    Orient Finans Bank discloses over $15 mn net profit for 1Q24

    Orient Finans Bank discloses over $15 mn net profit for 1Q24

    Orient Finans Bank (OFB), a private closed Joint-Stock Commercial bank,  announced a 42.2% increase in its net profit for 1Q24. Interest income increased by 25.9%, while non-interest income rose by 32.1% during 1Q24, KAP DEPO reports.

    Photo: Orient Finans Bank reports 42.2% rise in net profit, reaching over $15 mn in 1Q24  
    Source: Dividends

    OFB's loan portfolio reached UZS 8.8 trillion ($696.5 mn) by the end of the first quarter, reflecting an annual growth rate of 49.6%. The share of overdue loans (NPLs) decreased from 0.6% to 0.4% over the same period.

    As of January 1, the total assets of commercial banks in Uzbekistan surged to UZS 652.16 trillion (nearly $53 bn), marking a 12% increase compared to figures from 2022, Daryo reports, citing the Central Bank of Uzbekistan.

    Credit investments by commercial banks increased to UZS 471.41 trillion ($38.3 bn), reflecting a 16% increase compared to the previous year. Deposits reached UZS 241.69 trillion ($19.6 bn), indicating a 9% increase over the same period.

    Earlier, Daryo also reported that Asakabank, one of Uzbekistan's largest banks, will be privatized as part of an agreement signed with the European Bank for Reconstruction and Development (EBRD) on May 2, during the Tashkent International Investment Forum.

    This move is part of a broader strategy to reform the banking system in Uzbekistan, which includes the gradual privatization of state shares in multiple banks such as Ipotekabank, O'zsanoatqurilishbank, Aloqabank, Qishloq Qurilish Bank, and Turonbank, Uzbek government says.

     

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    04.05.2024, 17:06   Comments (0)   2217
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