Rating uzB+ reflects adequate level of solvency of InFinBank. The bank has high capability on timely and fully execution of its obligations compared to other banks. The rating of the bank reflects intensive utilization of banking services market, acceptable liquidity figures, growth strategy, directed to cover own share in the market and determining priority of the business. The rating also takes into account high concentration of debtors and risks, related with the fast growth of crediting, relatively highly share of operations with related parties and increasing of capitalization.

The business scale of the bank grew with stable temps in the reporting period. The assets of InFinBank grew by 5.8 times year-on-year in the reporting period and made up 64.3 billion soums as of 1 October 2009, while loan portfolio rose 4.6 times to 20.9 billion soums. There are no bad loans in the bank’s portfolio. In the reporting period, loan concentration grew. In opinion of Ahbor-Reyting, concentration level should be at the acceptable level as the bank’s strategy is aimed at supporting small and medium business, as well as individuals.

InFinBank supports positive liquid position. At the result of the third quarter of 2009, the aggregate share of liquid assets made up 55.1% (37.04% in 3Q 2008) and current liquidity ratio comprised 79.58%. At the same time, the ratio of loan portfolio to term resource base fell from 203.76% to 176.83%. Ahbor-Reyting assesses the ratio of loan portfolio to term resource base as in acceptable level, taking into account possible support of shareholders of the bank.

Capitalization of InFinBank assessed at the good level. The own capital of the bank rose by 2.28 times to 7.9 billion soums in the reporting period, ratio of capital adequacy and I level capital made up 18.4% and 18.2% respectively. Net surplus rose by 7.1 times in the reporting period and made up 24.2% of own capital. Taking into account growth strategy and potential support of shareholders, Ahbor-Reyting believes that capital adequacy will stay at the acceptable level and the bank has significant “margin of safety” of capital in short-term perspective.

On the results of the third quarter of 2009, the financial figures of InFinBank showed positive improvement. Income generating sources of the bank also grew stably and kept good quality. In the reporting period, the bank revenue rose five times and expenses – four times. In the result, the net income of the bank rose by 8 times to 2.2 billion soums. At the same time, the profitability figure also improve, which is consequences of the high growth of banking assets and capitals, in the opinion of the agency. In the reporting period, assets and capital profitability of InFinBank grew from 3.53% to 5.9% and 8% to 38.92% respectively.

Ahbor-Reyting supposes that in near future, the potential growth of business activity of large state banks, supported by the state programmes, will put pressure on the positions of the InFinBank. Ahbor-Reyting believes that the InFinBank position will strengthen in Tashkent region, especially in retail market.