The rating of Universalbank takes into adequate capitalization, balanced liquidity, as well as some improvement of financial results.

The rating also takes into account fast growth of assets and related risks, as well as high credit risks of balance, relatively limited business scale and clientele base of the bank, acceptable quality of assets and relatively low financial results in its activities.

In the reporting period, the business scale of Universalbank grew with stable tempo. In the fourth quarter of 2011, the assets of the bank increased by 39.84% and made up 47.3 billion soums. The growth of assets was achieved due to increase of loan portfolio by 88.43%, share of which in total assets rose from 29.66% in the fourth quarter of 2010 to 39.96% in the same period of 2011.

In the reporting period, the assets’ quality of the bank rated as acceptable. In the fourth quarter of 2011, the volume of bad loans made up 2.1 million soums or 0.01% of the loan portfolio of the bank. In line with the set classification, about 99.6% of loans are rated as good and 0.4% as standard.

At the same time, Universalbank increased income-bearing assets of the bank by 52.58% in the reporting period. Interbank assets and investment portfolio rose by 57.86% and 74.39% respectively. Income-bearing assets of the bank increased by 79.82% and their share in total assets rose from 37.92% in the fourth quarter of 2010 to 49.66% in the same period of 2011.

Liquid position of Universalbank is rated as acceptable. In the reporting period, total liquid assets of the bank increased by 5.36% and made up 31.37% of total assets (41.36% in 4Q 2010). At the same time, current assets and current liabilities increased by 5.76% and 39.01% respectively.

At the same time, the coefficient of current liquidity of the bank decreased from 81.45% in the fourth quarter of 2010 to 61.97% in the same period of 2011. Simultaneously, in the result of the growth of loan portfolio in the reporting period, the ratio of loan portfolio to deposits and attracted resources rose from 52.37% in the fourth quarter of 2010 to 67.5% in the same period of 2011.

Main source of funding of Universalbank is clientele accounts, which made up 86.92% of total liabilities of the bank in the fourth quarter of 2011. At the same time, the funding base of the bank rated as short-tem. In the reporting period, over 96.18% of liabilities of the bank are with term of less than a year. Besides, the interest-free liabilities of the bank grew 3.8 times to 13.08% of total liabilities of the bank. At the same time, term resource base increased 3.3 times and the ratio of loan portfolio of the bank to term resource base decreased to 269.77% in the fourth quarter of 2011 (486.28% in 4Q 2010).

The bank increased its equity capital by 13.17% and reached 12.8 billion soums. At the same time, own capital of Universalbank made up 15.1 billion soums, which rose by 11.19% year-on-year.

Relatively high growth of risky assets pressured the coefficient of capital adequacy. In the reporting period, the coefficient of general capital and the first level adequacy made up 40.8% and 44.3% respectively (58.8% and 59.3% in 4Q 2010). At the same time, the coefficient of leverage decreased from 36.8% in the fourth quarter of 2010 to 29.3% in the same period of 2011. The capital base adequacy level decreased to 31.89% (40.1% in 4Q 2010). Despite decrease, the capital adequacy of the bank is rated as high.