OJSCB "Credit-Standard" announces results for the 1H FY 2011
13 july 2011 Press release
At the end of 1H 2011 the assets of the CSB amounted to 254.8 billion UZS, demonstrating an increase of 1.8 billion UZS compared to the same period last year.Deposit funds reached 114.8 billion UZS. Bank's net profit surged 22% vis-a-vis first half of 2010, and on July 1, 2011 amounted to 5.5 billion UZS. The corporate customer base grew by 18%.
Since the beginning of the year the Bank issued loans worth 36.7 billion UZS. Hence, the Bank accomplished major leasing projects with JV "Sam Antep Gilam" (worth 2.1 billion UZS) and with the representative of the real economy, "Fargona eg-moy" (worth 1.2 billion UZS). Furthermore, the Bank and LLC "Laxisam" signed a loan agreement worth 4.8 billion UZS to finance the project on medicine ampoule filling production.
Within the framework of the development of retail segment of business, in February this year CSB signed an agreement with an international money transfer system «Zolotaya Korona» (Russia). This system is eleventh in the series of CSB’s international money transfer systems.
In the end of June, the Bank upgraded the portfolio of private savings accounts releasing 3 more new ones in national currency, named "Rivozh", "Tayanch" and "Mustaqillik". Moreover, in the course of last 6 months the bank has issued 7053 UZS denominated bank cards, signed 163 payroll project contracts and installed 161 payment terminals in the retail and service entities. As per the CSB’s geographical presence expansion program, Bank launched a Tashkent city branch (TCB) in the Mirzo-Ulugbek district of the capital.
In the first half of 2011Bank received several awards from the world's leading financial publications. Thus, international financial magazine Global Finance named "Credit-Standard" Bank the best bank in Uzbekistan in 2011 among the countries with the emerging economies and the European Business Assembly (UK) re-introduced CSB to be awarded the international award «European Quality». Besides, the international rating agency Moody's Investors Service in June 1, 2011 affirmed CSB’s financial strength rating at B2/NP/E+/ B2/NP. The outlook on the long-term global scale rating is stable. The rating agency «Ahbor-Reyting» in April, also confirmed the Bank's credit rating at the level «uzA» with the outlook "Stable". Obtained awards and achieved figures demonstrate a stable position of the Bank and give ground to account for strengthening our position in the financial market of Uzbekistan in perspective.
Notes:
Credit-Standard Opened Joint-Stock Commercial Bank (CSB) was founded on August 16, 2003. The registered share capital was UZS 1.3 bln. The headquarter is located in Tashkent City. At April 1, 2011 total assets are UZS 272 bln and total net worth is UZS 42.4 bln.
CSB is an Uzbek medium-sized bank. British magazine The Banker publishing annual ratings of the world best banks awarded Credit-Standard Bank as the “2006 Best Bank of Uzbekistan”. Global Finance (US) awarded CSB as the “Best Bank of Uzbekistan” in 2008, 2009, 2010 and 2011. In 2010 the European Business Assembly (UK) awarded CSB with international European Quality. The Bank was awarded for its pursuit towards perfection in all areas of activities and stable orientation towards high quality of customer services. Euromoney international financial magazine awarded Credit-Standard Bank as the “2010 Best Bank of Uzbekistan” within the framework of its annual Awards for Excellence ceremony to recognize leaders in the area of banking, finance and investments.
