The uzB++ rating means adequate level of solvency. The bank with uzB++ rating defines high ability of timely and full execution of its financial liability compared to other compared banks. But, changes in commercial, financial and economic conditions, with a high probability, could impact to ability of the bank timely fulfill their financial liabilities, compared to banks with A rating.

The agency said that Turon Bank’s business scale grew with stable tempo in the third quarter of 2010. The assets of the bank rose by 64.53% in the third quarter of 2010 to 343 billion soums. The agency said that the significant growth of assets was connected the growth of loan portfolio of the bank. The loan portfolio increased by 58.84% to 210.4 billion soums (132.5bn soums in 3Q 2009).

At the same time, share of loan portfolio in the structure of the bank’s assets made up 61.36%. Simultaneously, the investment portfolio of Turon Bank grew 4.3 times in third quarter of 2010 and made up 4.15% of the bank’s assets. Besides, the investments of Turon Bank to other banks rose three times in the third quarter of 2010. In the reporting period, total income bearing assets of Turon Bank rose 1.7 times and made up 75.20% of the bank’s assets. Along with the growth of loan portfolio, the bank was able to decrease bad loans to 0.02% of loan portfolio, while level of writing down debt fell to 0.03% (0.35%).

At the same time, the level of reserve on loan portfolio of the bank made up 1.32%, which, according to Ahbor-Reyting, could be inadequate coverage for possible future losses on loans. Simultaneously, share of unguaranteed loans of Turon Bank decreased from 2.17% to 0.01 compared to the same period of 2009.

The capital adequacy of the bank is evaluated as moderate. Turon Bank’s own capital rose by 41.18% in the reporting period and reached 24.5 billion soums. At the same time, equity capital of the bank grew by 39.83%, and undistributed income rose by 46.94%. The capital adequacy and first level capital of the bank made up 10% and 11.2% respectively at the end of the third quarter of 2010. At the context of high growth of assets, own resources adequacy made up 7.15% (8.33%). Turon Bank registered the 19th emission of ordinary shares in September 2010. The bank issued 4 million shares with par value of 1,400 soums. Total volume of emission made up 5.6 billion soums.

Ahbor-Reyting believes that having firm support of shareholders and development strategy, the bank’s capital adequacy will be supported at acceptable level.

In the third quarter of 2010, the financial figures of Turon Bank had positive trends. Income generating sources of the bank showed stable growth and simultaneously kept good quality. In the reporting period, net interest income of the bank grew by 9.40% year-on-year. Main source of yield of the bank is net commission income, which rose 1.2 times in the third quarter of 2010 to 10.3 billion soums.

Turon Bank’s net income grew 1.03 times and made up 2.3 billion soums as of 1 October 2010. Despite growth of income, the profitability of assets and own capital of Turon Bank decreased from 1.23% to 0.85% and from 13.8% to 11.22% respectively.