The rating takes into account adequate capitalization and some improvements of separate financial figures. The rating takes into account stable growth of assets and related risks, relatively high susceptibility of balance to credit risks, concentration of business in some regions of Uzbekistan and relatively low financial results.

Business scale of Ravnaq Bank is growing stably and the bank possesses positive position among small banks. In the reporting period, the bank’s assets grew by 46.03% and reached 33.08 billion soums. In particular, the loan portfolio of the bank rose by 50.68% year-on-year to 15.7 billion soums (10.4 billion in 3Q 2010).

At the same time, share of loan portfolio in total assets of the bank grew from 44.94% in the third quarter of 2010 to 46.37% in the third quarter of 2011. Other income-bearing assets of the bank rose 4.9 times year-on-year in the third quarter of 2011.

The agency said that growth of interbank resources by 2.7 times impacted this. Share of interbank resources in total assets rose from 4.71% in the third quarter of 2010 to 8.63% in the third quarter of 2011.

In the reporting period, the bank actively develops its investment activities. In the reporting period, the investment portfolio of the bank reached 2.5 billion soums and its share in total of the assets of the bank made up 7.24%.

Aggregate volume of large loans of Ravnaq Bank grew 2.3 times in the reporting period and its share in total loan portfolio reached 66.34% in the third quarter of 2011 against 44.35% n the same period of 2010.

Simultaneously, the volume of loans, issued to related persons, increased in the third quarter of 2011 and made up 3.9 billion soums. In the result, its share made up 24.7% (1.37% in 3Q 2010) of total loan portfolio.

Liquid position of Ravnaq Bank is rated as in acceptable level. So, all liquid assets of the bank rose by 22.13% year-on-year to 24.39% of total assets (29.16% in 3Q 2010). At the same time, current assets and current liquidity grew by 12.84% and 92.22% respectively. So, the coefficient of current liquidity of the bank fell from 134.6% in the third quarter of 2010 to 79.02% in the same period of 2011. Due to growth of credit portfolio in the reporting period, Ravnaq Bank’s ratio of loan portfolio to deposits and attracted funds from money markets jumped from 71.8% in the third quarter of 2010 to 84.26% in the third quarter of 2011.

Term resource base of the bank fell by 10.44% year-on-year in the third quarter of 2011. Ratio of loan portfolio to term resource base of the bank grew from 126.68% in the third quarter of 2010 to 215.07% in the third quarter of 2011.

In order to implement set requirements on equity capital, the bank increased its equity capital 1.8 times and at the end of the third quarter of 2011 it reached 11.1 billion soums.

Own capital of the bank increased by 63.21% year-on-year in the reporting period and made up 12.4 billion soums.

The coefficient of general capital and the first level capital adequacy of Ravnaq Bank made up 32% and 40.2% (35.7% and 35.2% in 3Q 2010) respectively.

The leverage coefficient of Ravnaq Bank increased from 29.1% in the third quarter of 2010 to 34.4% n the same period of 2011. The level of capital base adequacy of the bank reached 36.77% (32.9% in 3Q 2010) in the third quarter of 2011.