In 2005, the State Bank for Foreign Economic Affairs of Turkmenistan produced a significant boost in profits following a decline the previous year. Net profits rose by 238.9% as the bank reduced NPLs, cut costs and managed to show a dramatic improvement in RoE to 21.3% from 8% in 2004. Following the previous year’s trend, the bank trimmed its balance sheet, reducing total asset by 19.9%.
Chairman Guvanch B Geoklenov notes: “ On January 27, 2007, the State Bank for Foreign Economic Affairs of Turkmenistan will celebrate its 15th anniversary. Being founded in 1992 by the decree of Saparmurat Turkmenbashi the Great, president of Turkmenistan, to develop foreign economic relations and national industry, the bank has been a reliable guide for state policy in the sphere of social and economic transformation.
“It is the great honour for the State Bank for Foreign Economic Affairs of Turkmenistan to win the 2006 Bank of the Year award. According to the past year results the bank held the leading positions within the banking system in terms of assets, capital, profits, the amount of investments in the economy, as well as the number of customers.
“The bank’s priority objective, as in previous years, is to secure an efficient implementation of the government’s agent duties as well as strengthen participation in implementing investment projects for the national economy. Great attention will also be paid to increasing partnerships with corporate customers and developing more sophisticated retail services.”
