The rating reflects stable position of the bank in the market and high reputation, as well as image of the bank, high assets quality and good risk management level, balanced liquid position and adequate capitalization, and stably growing financial results. At the same time, the rating takes into account concentration of the business in Tashkent region, low diversification and short-term borrowing fund, as well as potential risks, related to growth strategy.

In the second quarter of 2011, InFinBank has positive trend of growth of main financial figures. Assets of InFinBank grew by 71.25% year-on-year to 150.07 billion soums in the second quarter of 2011. Loan portfolio of the bank grew by 73.9% to 47.5 billion soums.

In the reporting period, other part of income-bearing assets grew by 56.23% and made up 1.82% of all assets. Interbank resources and investments of the bank grew by 59.54% and 32.73% year-on-year respectively in the second quarter. In the result, the volume of income bearing assets increased by 66.65% to 77.2 billion soums.

The quality of assets is considered as acceptable. In the second quarter, the volume of loan portfolio made up 61.5% of income-bearing assets. Main part of loan portfolio fell to share of credits issued to other sectors – 37.4% (58.32% in 2Q 2010), industry – 33.73% (25.1%), trade and catering – 22.01% (16.08%).

The rating agency positively rated decreasing the volume of unsecured loans, which decreased by 45.85% and made up 0.04% of loan portfolio.

Main part of loans of InFinBank is secured with real estate (52.21%), equipment (19.06%) and guarantee of third sides (10.12%). In the reporting period, 98.78% of loans are classified as good.

At the same time, the size of reserves on possible loss on loans decreased by 36.80% and made up 0.12% of loan portfolio of the bank (0.36% in 2Q 2010). At the same time, bad loans (restructured) of the bank decreased by 15.32% and made up 0.42% of loan portfolio of the bank.

In the reporting period, InFinBank supported positive liquid position. In the reporting period, share of liquid assets of the bank made up 48.39% (53.67% in 2Q 2010). Along with increasing current assets by 57.6%, the bank increased current liabilities by 78.3%. At the same time, the coefficient of current liquidity made up 68.58% (77.6% in 2Q 2010).

In the second quarter of 2011, term resource base of InFinBank grew by 42.2% year-on-year. Simultaneously, ratio of loan portfolio to term resource base of the bank made up 190.54% (156.18% in 2Q 2010).

Borrowing fund of InFinBank is formed mainly due to clients’ resources. In the reporting period, the deposits and resources attracted from money markets increased by 63.14% year-on-year to 60.63% of the bank’s liabilities. Main part of borrowed funds is short-term as 93.90% of liabilities of the bank in the second quarter were up to one year.

In the reporting period, the capitalization level of InFinBank and currently it is rates at high level. Own capital of the bank grew by 80.3% to 15.8 billion soums.

Equity capital of the bank increased twice and made up 13 billion soums in the second quarter of 2011. The bank strengthened adequacy figures. Coefficient of adequacy of capital and first level capital made up 14.2% and 15.1% respectively (11.8% and 11.4% in 2Q 2010).

Coefficient of leverage grew from 7% in the second of 2010 to 8.9% in the same period of 2010. Ahbor-Reyting believes that further growth of the capital base will improve capital adequacy figures of the bank.