Profits rose by 53.5% in 2007, to TkM118.6bn ($22.81m), while assets remained steady at about TkM5100bn. Return on equity jumped significantly, to 25.4% from 16.9%, partly thanks to significant declines in costs (to 65% of income from 74%) and non-performing loans (to 0.44% from 3.9%).
The bank is focused on mostly stateowned corporate clients, but it is looking to provide the full range of banking products and services, including finance for small private companies. Its ATM network is expanding, and serves international Visa customers.
TVEB has also stepped up its IT systems, and has introduced balance statements by mobile telephone and American Express travellers’ cheque operations.
In its capacity as the state export-import bank, TVEB also signed a number of agreements with foreign export credit agencies.
These included a $300m low-interest longterm loan from China Exim Bank in November 2007, to finance activities such as the construction of a glassworks in Turkmenistan, and an export credit loan from Korea Exim Bank in May 2008.
