In line with the national scale of the Russian Federation, the rating was held at the level (High level of solvency”, sub-level of rating – the second. The outlook on ratings is stable.

The agency underlined high level of own capital adequacy (0.79 as of 1 July 2015 in line with Uzbek accounting standards, while the regulative minimum is 0.10) at its optimal structure and balanced assets and liabilities of the bank for short0tem period (the coefficient of liquidity is 0.80 as of 1 July 2015 at the regulative minimum of 0.30). High possibility of support by the owner – Sederat Bank of Iran (one of the largest bank of Iran) is also considered as positive factor.

The agency said that high level of crediting of affiliated sides, low level of profitability (ROE was 1.9% from 1 July 2014 to 1 July 2015) and weak competitive position in crediting market of Uzbekistan (about 90% of assets were resources at other banks as of 1 July 2015) were considered as negative factors.

Deputy director on banking ratings of RAEX Aleksandr Saraev said that the management of the bank is planning to develop crediting of corporate clients in 2015-2016 and increase commission income due to serving exports from Uzbekistan to Iran after joining SWIFT system. He said that this will allow to increase diversification of the bank’s business and its profitability.

High concentration of attracted funds at the largest customers of the bank (as of 1 July 2015 share of the three largest lenders in attracted funds was at the level of about 90%) and low information transparency to the general public had restraining influence to the rating.

Subsidiary Saderat Bank of Iran in Tashkent is specializing in providing banking services to legal entities and work at interbanking market. The assets of the bank stood at 102.8 billion soums (US$39.8 million) as of 1 July 2015 and own resources – 80.8 billion soums (US$31.3 million) in line with the Uzbek accounting standards.