Pakhta Bank
After finishing as the runner-up last year, Pakhta Bank is the undisputed winner this year after demonstrating a stronger performance than its rivals in Uzbekistan. It posted double-digit growth in net profit for the second consecutive year in 2002, raising it by 22.8%, and ROE for 2002 was 26.5%. The bank also reported huge gains in assets (twofold) and Tier 1 capital (+130%).
Beyond the impressive numbers, Pakhta Bank continued to attract foreign credit lines in 2002, signing a $7m deal with the European Bank for Reconstruction and Development for micro-lending and a $5m deal with the World Bank for reconstruction of the agriculture sector. It also improved its debt rating from the UK rating agency Fitch.
Pakhta Bank introduced a single correspondent account for its branch network – the largest in Uzbekistan – to improve efficiency and reduce costs. It also extended its cash machine network in the country to six new regions.
“While other banks concentrate mainly in cities, where the market is characterised by strong competition, our strategy is to concentrate on rural areas, as we see them as a growth market. This strategy proves itself since it contributes to the stable growth and strong profit performance,” said Bakhodir Gafurov, head of international banking at Pakhta Bank.
