The rating uzB reflects middle level of solvency of the bank. The bank with uzB rating can timely and fully implement its financial liabilities, but margin of safety is limited and ability to continue timely payments will depend from sustainable and favourable business environment and economic situation.

Samarkand Bank rating reflects growth of the capitalization, support of shareholders, and gradual improvement of financial results. At the same time, the rating takes into account risks related with fast growth of assets, significant position in crediting and low, but strengthening, liquid position of the bank.

The stable outlook reflects expectations of Ahbor‐Reyting on continuation of business diversification, further strengthening liquid position of the bank and supporting good quality of the assets.

In the reporting period, Samarkand Bank recorded growth of financial figures. In the first quarter of 2011, the assets of the bank rose by 54.19% year-on-year to 37.29 billion soums.

Simultaneously, the volume of net loan portfolio grew twice to 8.8 billion soums. At the same time, share of the loan portfolio in the assets structure reached 23.8%.

Investment portfolio rose 2.5 times to 10.7 billion soums. At the same time, its share in assets reached 28.93%. Income-bearing assets rose 2.4 times year-on-year to 20.2 billion soums or 54.34% of total assets.

The assets quality considered as acceptable. At the same time, there were no unsecured and problem loans in the structure of loan portfolio of Samarkand Bank. According to the bank’s data, about 85.48% of loans are evaluated as good and 12.49% - standard. Taking to account this, the level of reserves on possible loan losses made up 1.55%.

In the reporting period, the own capital of the bank rose by 50.71% year-on-year to 24 billion soums. The growth of capital base was achieved due to growth of equity capital by 49.22%. At the same time, capital adequacy and the first level capital adequacy made up 40.20% and 73.4% (55.7% and 75.3% in 1Q 2010) respectively.

Ahbor‐Reyting believes that despite potential growth of business scale, market share of Samarkand Bank will remain low in short-term as significant growth of capitalization and investment activity of large banks in the context of state support will put pressure to market positions of small and medium banks.