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Mikrokreditbank - Company Profile
Essential Advisory Group, Sep 2009, Pages: 8
JSCB “Mikrokreditbank” - the largest bank in the field of providing microfinance services to small business entities and private entrepreneurs. It was established on the base of “Tadbirkorbank”, according to the Decree of the President of the Republic of Uzbekistan, as well as on the basis of Resolution of Cabinet of Ministers of the Republic of Uzbekistan in May 2006.
Mikrokreditbank is an important link in the banking system of Uzbekistan. It is placed among Top Ten banks of Uzbekistan in terms of size of assets and equity capital. The share of the bank’s assets has amounted to more than 2.1% in the structure of the banking system at the year-end. The share of the credit portfolio has increased up to 2.4% in 2008.
Strong government support - main shareholders of the bank are Ministry of Finance of Uzbekistan, Central Bank of Uzbekistan, number of largest banks of Uzbekistan. The Chairman of the Supervisory Board is the Deputy Minister of Finance, Bahrom Ashrafhonov.
Strong deposit policy - high growth rates of deposit portfolio of the Bank have increased its share in the structure of deposits of the banking system up to 0.98%.
Our recommendations. Taking into account that net profit of the bank has decreased by 37.3% in 2008, our analysts have downgraded their forecast on common shares of the bank to “Hold”. Our recommendations on preferred shares of the bank have been downgraded to “Hold” as well.
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