The assigned rating reflects high business activity of the bank in the market, dynamic development of commercial network, adequate capitalization and balanced liquid position. The rating takes into account risks, related to fast assets’ growth and geographic concentration of the business.

Firm strategy, directed at expanding business scale and strengthening its position in the market, as well as support of shareholders give additional stability to the business of Trustbank.

The rating takes into account sustainable and strengthening market position of Trustbank among compared banks, especially on such figures as aggregate assets, deposit portfolio, investment portfolio and capital base. But changes in commercial, financial and economic conditions can impact to ability of the bank to execute its financial liabilities compared to the banks, which have higher ratings.

In the fourth quarter of 2011, the assets of the bank grew by 19.71% year-on-year and made up 469.8 billion soums. This growth is the result of increase of income-bearing assets and its share in structure of aggregate assets from 51.44% in the fourth quarter of 2010 to 57.79% in the same period of 2011.

Significant part of income-bearing assets of the bank fell to share of inter-banking resources, which increased by 23.38% year-on-year in the fourth quarter of 2011 to 47.03% of income-bearing assets of the bank.

The loan portfolio of Trustbank increased by 52.34% in the fourth quarter of 2011 and reached 124.4 billion soums. Its share in income-bearing assets rose from 40.44%in the fourth quarter of 2010 to 45.81% in the same period of 2011. Besides, investment securities and other goods assets of the bank increased by 17.06% and made up 7.07% of income-bearing assets of the bank.

Liquid position of Trustbank is rated as acceptable. In the fourth quarter of 2011, the liquid assets of the bank grew by 0.74% and made up 48.75% of the bank’s assets. At the same time, current assets and current liabilities of the bank increased by 3.45% and 22.8% respectively in the reporting period. In the result, the coefficient of current liquidity of Trustbank decreased from 72.35% in the fourth quarter of 2010 to 60.95% in the fourth quarter of 2011, which is rated as favourable level.

Taking into account high growth of loan portfolio of the bank, the ratio of loan portfolio to deposits and attracted resources at money markets increased from 31.54% in the fourth quarter of 2010 to 39.02% in the same quarter of 2011, which shows that the bank has enough potential to increase its loan portfolio.

Main part of funding of Trustbank receives from its corporate clients. At the end of the fourth quarter of 2011, the clientele accounts made up 76.62% of total liabilities of the bank. In the reporting period, deposits and attracted resources from money market increased by 23.14% and main part of them fell to share to deposits on demand.

At the same time, borrowed resources of the bank rates as short-term as about 97.07% of liabilities of Trustbank are with term of less than a year. It is worth to mention that the bank is active participant of securities market and within a year it issued corporate bonds for 3 billion soums with maturity term of 5 years.

Besides, the bank has large volume of interest-free liabilities, which made up 22.62% of the bank’s liabilities in the fourth quarter of 2011. Term resource base of the bank fell by 21.19% in the reporting period. In the result, the ratio of loan portfolio to term resource base of Trustbank rose from 227.77% in the fourth quarter of 2010 to 441.47% in the same period of 2011.

Main part of its strategy of Trustbank is stable growth of own capital. In the end of 2011, the capitalization of the bank rated as stable. Own capital of Trustbank increased by 32.31% and made up 17.5 billion soums. As of the end of the fourth quarter of 2011, the coefficient of general capital and the first level capital adequacy made u 18.6% and 18.6% respectively, which is evidence of existing pressure to capital due to high growth of business scale. The level of own capital adequacy rose from 10.41% in the fourth quarter of 2010 to 11.5% in the same period of 2011.