Rating of Agrobank reflects existing full state support, popularity of brand and strong position of the bank in the market, good quality of assets, sustainable liquidation of position and adequate of capitalization, as well as good financial results of the bank’s activity. At the same time, the rating also takes into account fast growth of assets and related risks, significant level of industry and client orientation of the bank’s business, as well as potential risks related to growth strategy and possible purchase of new assets. Along with these factors, the agency also take into account that Agrobank is bank with the state shares and plays important role in financial support of corporate sector of basic industries of economy.

In the reporting period, Agrobank demonstrated positive financial results. Compared to the third quarter of 2009, the bank’s assets rose by 22.63% to 1.9569 trillion soums. Simultaneously, the issued loan volume of the bank grew by 1.18%. At the same time main part of loans were issued to agriculture, which accounted 56.86% of loan portfolio.

Other income-bearing assets of the bank, such as interbank assets and investment portfolio, increased by 19.05% and made up 2.89% of the bank’s assets. At the same time, income-bearing assets of Agrobank rose by 1.81% in the reporting period. Their share decreased from 84.67% in the third quarter of 2009 to 70.29% in the same period of 2010.

The agency evaluated assets quality as acceptable. In the result of the third quarter of 2010, over 92.69% of assets are evaluated as “good”. Reserves of the bank, created to cover possible loss of loans, increased over twice year-on-year and their share in loan portfolio made up 1.27%.

In the third quarter of 2010, liquid assets of the bank increased by 48.33% and their share made up 14% of total assets. The assets of the bank with 30-day term increased by 26.95% and the coefficient of current liquidity grew to 39.1% (36.03% in 3Q 2009). In the reviewed period, Agrobank’s total capital grew by 26.82% to 207.2 billion soums. At the same time, level of own resources’ security made up 10.59% in 3Q 2010 compared to 10.24% in 3Q 2009.

Agrobank continues to keep capital adequacy at the acceptable level. In the reviewed period, the coefficient of capital adequacy and first level capital adequacy comprised 11.5% and 11.4% respectively.

Agrobank receives main part of its funds from its corporate clients. So, in the third quarter of 2010, 56.07% of borrowed funds fell to share of corporate clients. The ratio of loan portfolio to resource base made up 131.8% (163.28% in 3Q 2009), which is evidence for necessity to adopt measures on increasing medium terms of borrowing sources. At the same time, Ahbor Reyting underlined that despite short borrowing base, borrowing of the bank can be assessed as acceptable due to support of shareholders and access to borrowing resources of the government.