The rating uzB++ reflects adequate level of solvency of the credit unions. The rating reflects high ability of the credit union to execute own financial responsibility in time and fully compared to other credit unions in Uzbekistan. But, the solvency of the credit union is sensitive to changes in commercial, financial and economic conditions compared to the credit rating of A level.

The positive outlook reflects expectations of Ahbor-Reyting that ALMAZ credit union will further keep sustainable growth of business scale and good position at the market, as well as positive financial results of its activities. In near future, net figures of ALMAZ credit union can be impacted by possible growth of deductions from reserve funds at the context of high growth of crediting.

ALMAZ credit union is relatively young credit union and it has been operating in the financial service market for about two years. At the same time, the credit union has positive financial results during this period.

Profitability of ALMAZ credit union continued to improve in 2010, which is connected with significant growth of business scale and improvement of efficiency figures. In 2010, the net interest income of the union made up 232.9 million soums.

Simultaneously, net interest margin and interest spread of the credit union strengthened, the agency said. Net interest margin of the union made up 8.99 in ten months of 2010 (10.31% in 2010) and interest spread – 4.67% (5.31%).

ALMAZ credit union offers reliable, affordable and high-income deposit services. The members of the union can select one of the deposits based on their demands. Members of the union can place their resources in cash or cashless method or mixed method. At the same time, annual yield on cash deposits at the credit union makes up from 8% to 42%, cashless – from 12% to 36% and mixed method – from 3% to 50%. The average interest rate on deposits made up 37.48%.

Currently, the quality of loan assets of ALMAZ credit union is rated as favourable. In 2010, the balance of ALMAZ credit union had no bad loans and there was no written-off.

Main sources of funding of the union are fees of individual members. The union can strengthen its funding base due to attracting resources from money market. In 2010, the current liquidity coefficient of the union made up 40.18%.

Capitalization of ALMAZ credit union considered as acceptable enough taking into account fast growth of business scale. In 2010, the coefficient of capital adequacy made up 22.89%. Simultaneously, the union’s leverage coefficient grew from 16.49% in nine months of 2010 to 22.89% in 2010.

At the same time, activities of ALMAZ credit union fully meet all requirements, set by the Central Bank of Uzbekistan. According to Ahbor-Reyting, ALMAZ will further support figures of its activities at high level.