The rating takes into account adequate capitalization, balanced liquidity and improvement of separate financial activity figures. The rating takes into account fast assets growth and risks related with high exposure of balance to credit risks, limited business scale and clientele of the bank, acceptable assets quality, concentration of business in Tashkent and relatively small financial results of the activity.

The assets of the bank comprised 17.8 billion soums at the end of the third quarter of 2009, of which 4.808 billion soums were loan portfolio and it shrinked by 32.86% year-on-year. Other income-bearing assets, such as received from other banks, fell by 72.86% to 718.1 million soums.

In the end of third quarter of 2009, share of assets liquidity in assets structure rose from 32% to 40.16%. Ratio of loan portfolio to term resource base decreased from 115.4% to 75.74%. Simultaneously, the ratio of current liquidity rose twice and made up 160.27% (77.92% - 3Q 2008). Such sharp change of liquidity figures show that the bank possessed large idle assets in the considered period.

The agency said Ravnaq Bank receives main part of its fundings from their corporate clients, which made up 92.57% of the bank’s liability at the end of third quarter of 2009 (93.955 in 3Q 2008). In the reviewed period, aggregate figures of the bank on attracted deposits and funding in money markets fell 19.04% year-on-year to 10.6 billion soums.

The bank’s capitalization evaluated as high. Shareholders’ capital of the bank reached 5.1 billion soums and rose 27.19% year-on-year in the third quarter of 2009. Own capital of the bank rose 33.74% to 6.3 billion soums. Increase in capital base helped to strengthen the bank’s adequace figures. As of 1 October 2009, the ratio of general capital sufficiency and Level 1 capital made up 45.5% and 44.5% respectively (27.5 and 26.2% in 3Q 2008). The level of own resources supply rose from 25.4% to 35.66%. The leverage ration also increased from 21.40% to 31.40%.

In the reviewed period, total sum of operational income of the bank dropped by 22.6% to 1.724 billion soums as of 1 October 2009. Main part of operational income fell to share of net commission income, which in the reviewed period made up 57.49%. The expenses of Ravnaq Bank fell by 21.16%.

Net income of the bank in analyzed period decreased by 37.24% to 125.1 million soums. In the result, the profitability of the bank fell significantly. The assets profitabilty and own capital profitabilty made up 0.69% and 2.75% respectively (1.14% and 5.12% in 3Q 1008).

At the same time, decrease of credit portfolio volume impacted to growth of net income margin and percentage spread, which made up 2.19% and 5.25% respectiver in reporting period (0.78% and 2.49% in 3Q 2008).

Profitability of loand portfolio rose from 10.31% to 16.11% in the third quarter of 2009. Ahbor-Reyting believes that net profitability figures should improve in 2009, but it will depend on ability of the bank to manage interest and operational expenses.