The agency said that the outlook on rating is developing, which means that the rating can be kept or changed in mid-term perspective.

The agency noted that high level of the capital adequacy (corresponding to set norms makes up 0.692 as of 31 March 2013) positively impacts rating along with no bad loans. The balanced term structure of assets and passives in short-term period and optimal structure of capital also supports the rating. High level of support of the bank’s founder – Bank Saderat Iran (one of the largest banks of Iran) – is considered as a positive factor.

The main factors, which limit rating of the bank, are high level of credits issued to related sides and low profitability of the capital (0.5% year-on-year in the first quarter of 2013). The agency underlined high level of concentration of attracted resources. The developing outlook is connected with the plans of the bank to increase number of the clientele base, which can positively impact profitability and create pressure to quality of the assets, Stavislav Volkov, a head of the department on rating of credit institutions of Expert RA said.

Saderat Bank’s subsidiary in Tashkent specializes on providing banking services to legal entities and working in inter-banking market. The assets of the bank, in line with the Uzbek accounting standards, made up 59 billion soums (US$28 million) and own resources – 40 billion soums (US$19 million) as of 31 March 2013.