The rating reflects stable position of the bank in the market, good reputations and image of the bank, high quality of the assets and good level of risks, balanced liquid position and adequate capitalization, as well as stably growing financial results of the activity. At the same time, the rating takes into account concentration of business in Tashkent region, relatively low diversification and short-term funding base, as well as potential risks connected with the growth strategy.

The agency said that the raising of the rating to uzA is connected with significant strengthening of the bank position in the market and continuation of current positive trends in credit portfolio and resource base diversification, as well as growth of profitability from main activity and strengthening of capital base.

Despite short-term existence, InFinBank occupied its own niche in the banking service market. Since its launch, the bank has been functioning as universal bank, providing wide range of services to large corporate clients and small businesses, as well as individuals. The strategic direction of the bank is distance banking services and financing corporate clients, as well as small businesses through diversification of retail business and regional expansion.

In this context, Ahbor-Reyting positively rated perspective plans of the bank directed at further developing and expanding retail businesses and increasing the bank’s profitability. In 2011, the bank is planning several measures, including launch a project on serving international payment cards Chinaunionpay and become associated member of Chinaunionpay, launch emission and acquiring of international banking cards of Visa International such as VisaElectron and VisaClassic, as well as launch Bystraya Pochta, Zolotaya Korona and Contact money transfer systems.

During its operation in the local financial market, InFinBank is stably increasing market position in the banking sector. In 2010, the bank’s assets grew by 32.61% year-on-year. At the same time, the growth of stable growth of the assets, share of InFinBank in the banking sector is small, which is natural at the background of strengthening pressure by the large banks with the state support. In 2010, InFinBank entered to Top-20 of the Uzbek commercial banks and claimed the second place among private banks of Uzbekistan.

The agency said that the profitability of the bank strengthened along with the growth of working assets such as loan portfolio, investment portfolio and inter-banking resources. In 2010, all operational income of the bank grew twice year-on-year to 16.14 billion soums, while the bank expenses grew by 136.75%. The ratio of expenses to operational incomes made up 70.41% in the reporting period.

Net income of InFinBank grew by 120.28% to 6.479 billion soums in 2010. Simultaneously, the bank improved other profitability figures such as profitability of assets and own capital, which made up 5.58% and 44.86% (4.23% and 12.16% in 2009) respectively.