Uzbek credit unions’ revenues make up 16.46bn soums

Tashkent, Uzbekistan (UzDaily.com) -- Credit unions of Uzbekistan demonstrated positive growth in the first quarter of 2009 in the context of global financial crisis.

Total assets of credit unions increased by 17.4% compared to the beginning of the year or 70% year-on-year or 19.57 billion soums.

Revenues of credit unions of Uzbekistan comprised 16.46 billion soums and aggregate expanses made up 12.53 billion soums.

As of 1 April 2009, total assets of the credit unions of Uzbekistan reached 131.7 billion soums and aggregate credit portfolio made up 119.1 billion soums.

Main part of credits (51.9%) was directed to meet consumer demands and social needs of members. About 24.4% of credits were used to finance business projects of members.

The credit unions allocated 7.7% of total credits to industrial enterprises, 11.2% to agriculture firms, 3.4% to service enterprises and 1.3% to purchase real estate.

Credit unions mainly use own resources (deposits of members) to finance their activities. Total volume of credit unions’ capital comprised 27.3 billion soums or almost 21% of total assets.

Stabilization fund of Alyans Garant of the Uzbekistan Credit Unions Association, which guarantees deposits at member credit unions, increased by 43% in the first quarter of 2009.

As of 1 April 2009, the Uzbekistan Credit Unions Association has 23 members, of which 12 permanent members and 11 partners.

In the first quarter, the Association adopted decision to establish partnership relations with Business Alliance and Garant-zar-kredit credit unions.

Alyans Garant guarantees over 7,536 deposits (5,142 in 1Q 2008) of credit unions for 4.95 billion soums (2.79 billion soums) as of 1 April 2009.