The rating reflects high level of solvency of the Bank Ipak Yoli, low level of credit risk at its activity. The uzA rating holders has high potential for timely and full execution of its financial liabilities before creditors, depositors and investors.

The Bank Ipak Yoli is one of largest commercial banks of Uzbekistan and firmly holds its position in top ten of the commercial banks of Uzbekistan on main parameters of its activities. In the second quarter of 2011, the financial figures of the bank grew stably.

The assets of the bank grew by 19.94% year-on-year to 560 billion soums in the first half of 2011. At the same time, the volume of loan portfolio grew by 38.91% to 255.5 billion soums. Share of loan portfolio in the structure of assets of the bank reached 40.26%. At the same time, loan portfolio of the bank rated as concentrated. So, the main part of loans in the first half of 2011 fell to industry (39.1% in 1H of 2011 and 43.6% in 1H 2010), trade and catering (34.4% and 30.6%) and other sectors (18.3% and 18.2%).

In the first half of 2011, the Bank Ipak Yoli demonstrated positive financial activity. At the same time, income generating sources of the bank has stable growth and good quality. Net commission income made up 16.5 billion soums in the reporting period and it makes up 49.21% of total operational income of the bank.

Net income of the Bank Ipak Yoli grew by 3.41% to 6 billion soums in the first six months of 2011. At the same time, profitability of assets and own capital of the bank made up 1.18% and 12.56% respectively (1.49% and 15.89% in 1H 2010). Ahbor-Reyting believes that the bank will keep its profitability at acceptable level.

In the reporting period, own capital of the banks grew by 23.39% year-on-year in the first half of 2011, and equity capital rise by 25.97%.

Despite execution of requirements on capitalization, Ahbor-Reyting underlined decrease of capital adequacy of the bank. The coefficient of adequacy of capital and first level capital made up 14.3% and 12.5% (15.1% and 12.7%) respectively.

In opinion of Ahbor-Reyting, decrease of capital adequacy can negatively impact the rating of the Bank Ipak Yoli.

In the reporting period, liquid base of the bank was rated as balances. In the first half of 2011, share of liquid assets made up 42.38% (43.98% in 1H 2010). Current assets grew by 6.49% and current liability – 16.22%.

At the same time, the coefficient of current liquidity made up 63.21% (68.99% in 1H 2010). The ratio of the credit portfolio to term resource base made up 189.21 and Ahbor-Reyting believes this figure will be in favourable level.