Ravnaq Bank’s rating takes into account adequate capitalization, balanced liquidity and some improvement of financial results. The rating takes into account fast growth of assets and related risks, relatively high credit risks of balance, limited business scale and clientele base, as well as acceptable assets quality, business concentration in Tashkent region and relatively low financial results of the activities.

In the first quarter of 2011, Ravnaq Bank’s assets rose by 27.79% to 28.3 billion soums. At the same time, income-bearing assets grew by 13.95% to 49% of total assets (54.96% in 1Q 2011).

The agency noted that total growth of income-bearing assets of Ravnaq Bank was achieved due to investment securities in the bank’s balance. In the first quarter of 2011, investments into securities made up 2.15 billion soums or 7.6% of total assets of the bank.

At the same time, interbank resources decreased by 31.43% and t reached 2.91% of the assets. In the first quarter of 2011, the loan portfolio of the bank fell by 0.7% and decreased from 49.54% in the first quarter of 2010 to 38.49% in total assets of the bank in the same period of 2011.

Liquid position of Ravnaq Bank rated in high level. In the first quarter, total liquid assets of Ravnaq Bank rose by 70.26% to 27.58% in the assets of the bank. Simultaneously, current assets and current liabilities grew by 4.19% and 58.95% respectively in the first quarter of 2011.

At the same time, co-efficient current liquidity of Ravnaq Bank rose from 75.37% in the first three months of 2010 to 82.06% in the same period of 2011. At the same time, ratio of loan portfolio to deposits and attracted resources at money markets decreased to 79.03% (82.93% in 1Q 2010).

Bad loans of Ravnaq Bank rose compared to the first quarter of 2010 and made up 7.7% of loan portfolio of the bank. The main of them (750 million soums or 89.47% of outstanding debt) fell to share of loans, issued to the state enterprises. The writing-off level in the first quarter made up 0.05% (0.07% in 1Q 2010). At the same time, the share of unsecured loans of Ravnaq Bank decreased from 0,18% to 0.02% in the reporting period.

The main source of Ravnaq Bank funding was clientele accounts, which accounted 83.92% of total liabilities of the bank. The resource base of the bank characterized as short-term. In the first quarter of 2011, about 94.86% of liabilities are with the less than one year term. It was noted that Ravnaq Ban had no long-term borrowings in the reporting period.

The capital adequacy of the bank is considered as acceptable in the reporting period, but total equity capital did not meet requirements of the Central Bank of Uzbekistan on capitalization.

At the same time, Ahbor-Reyting believes that the bank can issue shares and meet requirements of the regulator by the end of 2011. At the same time, the own capital of the bank rose from 58.29% to 11.9 billion soums (7.5 billion soums in 1Q 2010).

It is worth to mention that own capital of the bank rose due to 75.25% growth of equity capital, which reached 10.5 billion soums. In the first quarter of 2011, the capital adequacy strengthened. The capital adequacy and the first level capital adequacy made up 38.40% and 47.5% (33.2% and 33.1% in 1Q 2010) respectively. In the context of the growth of capital, the level of own resource reserves grew from 33.88% in the first quarter of 2010 to 41.97% in the same period of 2011.