The rating takes into account adequate capitalization, some improvements in financial figures. The rating also takes into account stable growth of assets and related risks, relatively high risk of balance sheet, limited business scale and limited clientele base, acceptable quality of assets, concentration of business in some regions and relatively low financial results.

Business scale of Ravnaq-Bank grows with stable temps and in separate figures it achieved positive results. The assets of the bank made up 26.9 billion soums in the fourth quarter of 2011 (28.2 billion soums in 4Q 2010). The loan portfolio decreased by 11.89% and made up 9.6 billion soums (10.9 billion soums in 4Q 2010).

In the reporting period, the loan portfolio was concentrated at trade and catering enterprises and other sectors, share of which made up 29.5% and 53.2% respectively. It is worth to mention and other income-bearing assets rose by 13.86% and made up 12.13% of all assets of the bank. At the same time, investment portfolio rose almost twice and reached 9.48% of assets of the bank. At the same time, all income-bearing assets of Ravnaq-Bank made up 48.11% of assets (49.13% in 4Q 2010).

In the reporting period, total volume of large loans of the banks increased by 6.23% to 5.2 billion soums. At the same its share in total loan portfolio of the bank rose from 45.06% in the fourth quarter of 2010 to 54.33% in the same period of 2011. The loans issued to affiliated persons increased to 3.1 billion soums (124.96 million soums in 4Q 2010). Its share in the loan portfolio made up 32.08% (1.13% in 4Q 2010), which bears high risks.

Liquid assets of Ravnaq-Bank showed negative trend. In the fourth quarter of 2011, the liquid assets decreased by 30.74% year-on-year to 6.32 billion soums. At the same time, current assets and current liabilities of the bank decreased by 27.55% and 52.68% respectively and made up 6.96 billion soums and 5.26 billion soums respectively. The coefficient of current liquidity of the bank was 127.3% (83.14% in 4Q 2010). Term resource base of Ravnaq-Bank grew by 20.29% year-o-year. The ratio of loan portfolio to term resource base made up 106.86% (145.67% in 4Q 2010).

At the background of potential support of shareholders, Ravnaq-Bank capitalization rated as adequate compared to business scale. It is worth to mention that equity capital of the bank rose by 31.65% in a year to 11.09 billion soums. Undistributed income of the bank grew 58.95% in the reporting period. In the result, own capital of Ravnaq-Bank increased by 31.79% to 12.5 billion soums (9.5 billion soums in 4Q 2010).

At the same time, level of own capital adequacy rose from 33.78% in the fourth quarter of 2010 to 46.66% in the same period of 2011. The capital adequacy strengthened in the reporting period. In the fourth quarter of 2011, the general and the first level capital adequacy made up 44.8% and 56.4% respectively.