The rating uzA+ means high level of solvency of the bank and reflects very low level of credit risk in its activity. The uzA+ rating holder has high potential for timely and full execution of its financial obligations before creditors, depositors and investors.

Uzpromstroybank rating reflects the support of the government, widely known brand and strong market position, good assets’ quality, sustainable liquid position and adequate capitalization, as well as positive financial results of the bank’s activity in 2009.

Updated rating of Uzpromstroybank also takes into account fast growth of assets and related risks with high level of industry and client concentration of the bank’s business, as well as potential risks connected with the growth strategy and possible purchase of new assets. Simultaneously, the rating takes into account that fact that Uzpromstroybank is the bank with the state participation and has important role in financing activity of local corporate sector in basic industries of economy, first of all due to providing long-term loans for conducting capital investments.

Ahbor-Reyting underlines stable and sustainable growth of business and share of Uzpromstroybank in the banking sector. In 2009, the assets of the bank increased by 11.11% year-on-year to 1.57 trillion soums. It is worth to mention that the bank’s assets increased by 10% year-on-year to 1.73 trillion soums, and loan portfolio made up 1.29 trillion soums.

Net income of the bank decreased 2.5 times year-on-year in 2009 and reached 5.978 billion soums. But, the net income grew significantly in nine months of 2010. Taking into account this, Ahbor-Reyting believes that profitability level of Uzpromstroybank will improve in near future, but this can be affected by growth of payments to service loans, connected with high growth of crediting and corresponding expenses, related with the bank’s activities and investments directed at rehabilitating enterprises, purchased by the bank.

Good quality of credit portfolio (which is also affected by favourable macroeconomic environment) is also important rating factor, despite higher temps of crediting compared to corresponding banks. Industrial structure of credit portfolio of Uzpromstroybank reflects priorities of the Uzbek government, which is explained with important role of the bank in financing of economy. According to audited report of the bank, largest volume of loans in 2009 was issued to oil-gas and fuel-energy industry (64.94%), transport (11.52%) and trade and food products (8.1%).

In the reviewed period, the funding base of the bank remained mainly short-term and concentrated. In 2009, the clientele accounts made up 84.95% (70.15% in 2008) of total borrowed funds. At the same time, share of individuals made up 21.8% (20.6% in 2008) of all attracted funds of the bank.

In opinion of Ahbor-Reyting, the flexibility of Uzpromstroybank in attracting funds is considered is higher than in other banks in the sector despite short and large positions in borrowed fund. The agency said strong state support and wide access of banks to external borrowings was also taken into account. The bank possesses high level of liquid assets (14.6%) and liquid position of Uzpromstroybank is considered as favourable.

The capital adequacy of the bank considered as acceptable. Own capital of the bank grew by 2.68% in 2009, including equity capital – by 9.33%. At the same time, coefficient of capital adequacy and first level capital adequacy of Uzpromstroyban, calculated in line with Uzbek accounting standards, made up 11.6% (17% in 2008) and 11.6% (15.3% in 2008) respectively.

As of 1 October 2010, the bank enters to the five largest banks of Uzbekistan. The market share of its assets makes up 9.01%, equity capital – 6.73%, loans – 12.24%, deposits – 8.06% and investments – 9.26%.