Assigned rating of Aloqabank reflects high business activity of the bank in the market, dynamic development of commercial network, adequate capitalization, balanced liquid position and existence of partial state support. The rating also takes into account risks, related to fast growth of assets and geographic concentration of the business. Firm strategy, directed at expanding business scale and strengthening position of the bank, as well as support of shareholders, give stability to business of Aloqabank.

In the reporting period, the bank’s business scale expanded with stable trends. The assets of the bank grew by 41.61% year-on-year in the fourth quarter of 2011 and made up 488 billion soums. In particular, total income-bearing assets of the bank rose by 63.22% and their share in total assets reached 75.08%. The growth of assets of Aloqabank is connected with 88.86% growth of loan portfolio, share of which in total assets made up 62.41%. The figures of other income-bearing assets of the bank and interbank assets fell by 2.19% and 2.4% respectively. At the same time, their share in total assets of the bank decreased from 12.35% in the fourth quarter of 2010 to 8.51% in the same period of 2011.

Liquid assets of the bank made up 18.87% (27,8% in 4Q 2010) of the assets and decreased by 3.47% year-on-year. At the same time, current assets of the bank fell by 0.83% year-on-year, while current liabilities rose by 20.67%. Coefficient of current liquidity of Aloqabank fell from 68.34% in the fourth quarter of 2010 to 56.17% in the same period of 2011. Ratio of loan portfolio of the bank to deposits and attracted resources from money market grew from 64.03% in the fourth quarter of 2010 to 80,81% in the same period of 2011.

Main sources of funding of Aloqabank are clientele accounts, share of which in total volume of liabilities reached 84.94% at the end of the fourth quarter of 2011. At the same time, all deposits of the clients made up 91.67% of attracted resources in the reporting period. The borrowed funds base is rated as short-term. In the fourth quarter of 2011, about 90.66% of liabilities of Aloqabank are with term of less than a year. It is worth to mention that long-term borrowings of the bank made up 7.36% of the bank’s liabilities. Term resource base of Aloqabank increased by 75.85% year-on-year and ratio of loan portfolio to term resource base made up 135.78% (126.53% in 4Q 2010). This level is rated as acceptable at current level of current liquidity of the bank.

Aloqabank has sustainable capital base. At the end of the fourth quarter of 2011, the own capital of the bank grew by 23.08% to 79.7 billion soums. At the same time, the coefficient of general capital and the first level capital adequacy made up 17.8% and 17.2% (28,8% and 26.8% in 4Q 2010) respectively. The capital base adequacy of the bank made up 16.33% (18.79% in 4Q 2010) and rated as high among comparable banks.