The rating reflects important role of Asaka Bank in banking sector and existence of absolute state support, sustainable liquid position, high capitalization, access to external borrowing, as well as improvement of financial activity in the fourth quarter of 2011. At the same time, the rating also takes into high level of credit risks, significant clientele and industrial concentration of the bank’s business, as well as potential risks, related with its growth strategy. It also takes into account state ownership and role of the bank in large corporative financing of economy, as well as scale of clientele base and strong position in internal market.

Asaka Bank demonstrated positive trend of growth of its main financial figures. In the fourth quarter of 2011, the assets of Asaka Bank rose by 30.95% year-on-year to 2.532 trillion soums. In particular, the loan portfolio rose by 40.14% year-on-year to 1.588 trillion soums. Its share in total assets of the bank grew from 42.02% in the fourth quarter of 2010 to 44.97% in the fourth quarter of 2011. In the reporting period, the loan portfolio rated as concentrated by industries. All income-bearing assets of Asaka Bank grew by 57.91% year-on-year and their share in total assets rose by 57.67% in the fourth quarter of 2010 to 69.57% in the fourth quarter of 2011. This was result of the growth of trade assets by 15 times and by 41.45% of the clientele liabilities on financial tools. Interbank assets of Asaka Bank decreased by 7.09% and made up 11.68% of income-bearing assets in the fourth quarter of 2011. Besides, investment securities of the bank fell by 5.34% and reached 3.66% of all income-bearing assets of the bank.

Liquid position of Asaka Bank rates as at acceptable level. In the reporting period, all liquid assets of the bank remained almost at the same level and their share reached 22.59% of the bank’s assets. Current assets and current liabilities of the bank grew by 0.22% and 12.91% respectively. At the same time, the coefficient of current liquidity of Asaka Bank decreased from 60.78% in the fourth quarter of 2010 o 53.93% in the fourth quarter of 2011 and rated at high level.

It is worth to mention that due to the growth the loan portfolio, the ratio of loan portfolio to deposits and attracted money resources increased from 60.78% in the fourth quarter of 2010 to 63.85% in the fourth quarter of 2011, which reflects existing potential for increasing loan portfolio due to attracted resources.

Term resource base of the bank grew by 59.75% last year. At the same time, the ratio of loan portfolio to term resource base fell from 120.48% in the fourth quarter of 2010 to 104.29% in the same period of 20011.

Funding base of Asaka Bank is formed due to resources of the clients. So, in the fourth quarter of 2011, the deposits and attracted resources from money markets rose by 33.41% year-on-year to 76.97% of the bank’s liabilities.

In the fourth quarter of 2011, the resources of the clients made up 2.127 trillion soums or 90.77% of attracted resources. The base of borrowed funds rated as short-term. About 89.85% of liabilities of Asaka Bank are with term less than a year. It is worth to mention that long-term liabilities of the bank grew by 58.28% year-on-year to 282.1 billion soums.

Asaka Bank has sustainable capital base. In the fourth quarter of 2011, the own capital of the bank rose by 20.06% to 488.7 billion soums. In particular, the charter capital of the bank increased by 9.79% to 343.1 billion soums. The coefficient of general capital and the first level capital adequacy of the bank made up 16.1% and 15.9% respectively.

At the same time, the coefficient of leverage of the bank fell from 13.4% in the fourth quarter of 2010 to 12.4% in the fourth quarter of 2011. The own capital adequacy was 13.84%.