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Hamkorbank - Company Profile
Essential Advisory Group, Sep 2009, Pages: 8
OJSCB Hamkorbank – primary area of activities of the bank is crediting of small and medium enterprises and private entrepreneurs. The bank was established in August 1991 and was named JSCB “Andijonbank”, however in July 2000 the bank was renamed into OJSCB “Hamkorbank”.
The bank is important element in the structure of the banking system. Assets have been growing rapidly in 2008 and their share in the banking system has increased up to 1.73%.
Strong deposit policy, implemented by the bank in 2008, has allowed significantly strengthening positions of Hamkorbank among commercial banks of Uzbekistan, and bringing the share of deposit portfolio up to 2.14%.
Crediting is the main field of activities of the bank. Volume of credit portfolio has grown by more than half at the year-end, having increased its share in the structure of issued credits by Uzbek banks up to 1.9%.
We have upgraded our recommendations on common shares of the bank to “Buy”. During the period of crisis, when the prices on the bank's shares have significantly dropped, it's the right time to buy voting shares of this bank.
Concerning preferred shares, we have kept our “Buy” recommendation, since the bank has taken a decision to pay dividends by results of 1Q 2009 at the rate of 60% per annum of face value.
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