The uzB rating means average level of solvency of the bank. The bank, possessing uzB rating, can fully carry out financial liabilities in time and fully, but “margin of safety” is limited and ability of payments depends from sustainable and favourable business environment and economic situation.

The rating reflects high capitalization of the bank, support of shareholders, as well as gradual improvement of financial results. At the same time, the rating takes into account risks, related to fast assets growth and significant position in crediting, low, but strengthening liquid position of the bank. The stable forecast reflects expectations of Ahbor-Reyting to continue diversification of business, further strengthening of liquid position of the bank and support of good quality of assets.

In the reporting period, Samarkand Bank demonstrated stable growth of financial figures. In the third quarter of 2011, the assets grew by 56.6% year-on-year to 41.9 billion soums. At the same time, the volume of net loan portfolio rose by 39.76% to 9.4 billion soums in the reporting period of 64.49% of income-bearing assets (55.42% in 3Q 2010).

Besides, interbank assets of the bank grew three times and made up 2.39% of the bank’s assets. Investments and securities, purchased on repo-agreements, rose by 20.11% year-on-year and it showed slower growth than aggregate assets of the bank. At the same time, share of income-bearing assets of the bank in aggregate assets decreased from 44.25% in third quarter of 2010 to 33.05% in the third quarter of 2011.

Quality of the bank’s assets is considered as acceptable. It is worth to mention that loan portfolio was concentrated on private enterprises. The loans issued to other sectors made up 83.36%, industry – 9.66%, trade and catering – 6.07%, transport and communication – 0.91% of total loan portfolio. It is worth to mention that the bank has no unsecured loans. Besides, the bad loans decreased by 94.9% to 0.005% of total loans.

At the same time, the large loans, issued by Samarkand Bank, increased by 44.61% and reached 53.76% of aggregate loans of the banks. In the third quarter of 2011, some 86.73% of the bank’s loans were classified as good and 13.16% as standard.

The bank’s reserves for possible loan loss decreased by 53.05% and the level of reserves decreased from 4.11% in the first quarter of 2010 to 1.42% in the third quarter of 2011. In the reporting period, the liquid position of Samarkand was rated as acceptable. In the third quarter of 2011, the share of liquid assets of the bank made up 10.98% (4.92% n 3Q 2011).

At the same time, the current assets grew 2.5 times and current liabilities – 2 times. Coefficient of current liquidity of Samarkand grew from 40.38% in the third quarter of 2010 to 72.44% in the third quarter of 2011. Ratio of loan portfolio to deposits and attracted fund at money markets bade up 58.84%, which means the bank has opportunity to increase income-bearing assets.

Funding base of Samarkand bank formed mainly due to roesources of the clients. In the third quarter of 2011, the figure of the bank on deposits and attracted fund grew by 50.2% year-on-year and made up 93.14% of the bank’s liabilities. The funding base is rated as long-term. In the reporting period, the term resource base of the bank made up 98.17% and in future, according to Ahbor-Reyting opinion, this figure will be in favourable level.

In the reporting period, own capital of the bank grew by 61.39% year-on-year and made up 25.7 billion soums. The growth of capital base of the bank reached 58.71%, mainly due to growth of equity capital. At the same time, the coefficient of capital and first level capital adequacy in the third quarter made up 57.7% and 66.4% (46.4% and 67.2% in 3Q 2010) respectively. Own capital adequacy of Samarkand Bank rose from 59.35% in the third quarter of 2010 to 61.39% in the same period of 2011.