Assigned Alokabank rating reflects high business activity of the bank in the market and dynamic developing commercial network, adequate capitalization and balanced liquid position. The rating also takes into account risks, related with the fast growth of the bank’s assets and regional concentration of the business. The firm strategy, directed at expanding business scale and strengthening position in the market and support of shareholders, gives additional stability of the business of Alokabank.

“Positive” outlook reflects expectations of Ahbor-Reyting on further improving financial results of the banks, on support of good quality of the bank’s assets, further diversification of business and funding base, as well as increase of market position of the bank in the market. According to Ahbor-Reyting opinion, in near future the rating of Alokabank can be raised at current parameters of improving of financial results.

In the considered period, the assets of the bank reached 344.6 billion soums or grew by 41.68% year-on-year in 2010. Simultaneously, the volume of loan portfolio of the bank rose by 7.35% to 161.3 billion soums. Income-bearing assets of Alokabank have interbank resources, which rose by 17.04% and made up 14.31% of total assets. In last several years, the bank actively participates in state investment programme. Alokabank invested over 15.3 billion soums to rehabilitation of insolvent enterprises and created several modern capacities. In the result, total investment portfolio of the bank grew 3.5 times and made up 5.99% of the bank’s assets (2.32% in 2009).

In the considered period, the assets quality of the bank rated as in acceptable level. The bank had no bad loans. At the same time, the 96.84% of loans of the bank are considered as good and share of created reserves for possible loss of loans comprised 0.41% of aggregate loan portfolio of Alokabank.

Liquid position of Alokabank rated as sustainable in the reporting period. The figure of total liquid assets of Alokabank rose by 66.57% to 27.68% assets of the bank. Simultaneously, current assets and current liabilities of Alokabank grew by 69.23% and 9.07% respectively in the fourth quarter of 2010. At the same time, the coefficient of current liquidity of Alokabank increased from 44.05% in 2009 to 68.34% in 2010.

The ratio of loan portfolio to deposits and attract resources at money markets fell from 88.78% to 64.03%, which is explained with relatively high growth of other income-bearing assets of Alokabank.

The main source of funding of Alokabank is clientele accounts, share of which in aggregate volume of liability of the bank in the fourth quarter of 2010 reached 79.55%. At the same time, total deposits of the clients made up 92.61% of attracted funds in the reporting period. About 86.98% of liabilities of Alokabank are with the term of less than a year, in the result of which borrowed funds of the bank rated mainly as short-term. It is also worth to note that long-term borrowings of the bank, loans, increased by 19.27% and made up 10.46% of the bank’s liabilities.

In the reviewed period, the growth of own capital of Alokabank made up 39.93% year-on-year. The equity capital of the bank in 2010 grew by 41.97% to 50.5 billion soums. Besides, undistributed income of the bank increased by 36.64% in the reporting period and made up 21.19% of own capital of Alokabank. The growth of capital base helped to improve coefficient of capital adequacy. The coefficient of capital adequacy and first level capital of Alokabank made up 28.80% and 26.80% respective (25.40% and 24.10% in 2009). The capital base adequacy of Alokabank made up 18.79% in the fourth quarter of 2010 compared to 19.03% in the same period of 2009.