The rating reflects high business activity of the bank, dynamically developing commercial network, adequate capitalization and balanced liquid position. The rating also takes into account risks related with high growth of the bank’s assets and geographical concentration of the business. Firm strategy, directed at expanding business and strengthening position in the market, as well as support of shareholders give additional stability to the rating.

The rating also takes into control sustainable and regular strengthening of market position of Trustbank, including on such positions as aggregate capital, deposit portfolio, investment portfolio and capital base.

The assets of the bank increased by 46.67% year-on-year in the fourth quarter of 2010 to 392.4 billion soums. The growth of loan portfolio made up 76.84%, but its share in total assets remains low – 20.80% in the fourth quarter of 2010.

Other income-bearing assets, such as interbank assets, grew by 18.63% year-on-year and reached 26.37% in total assets. In last several years, the banks actively start in participation of the state investment programme. Investment portfolio reached 16.4 billion soums in the fourth quarter of 2010, or increased 19 times year-on-year and made up 4.18% (0.32% in 4Q 2009) of the bank’s assets. Simultaneously, income-bearing assets of the bank grew by 48.17% and made up 51.44% in the bank’s assets.

In the reporting period, quality of the bank’s assets rated in acceptable level. Monitoring of Ahbor-Reyting showed that Trustbank has no bad loans.

Liquid assets of the bank grew by 33.90% year-on-year and comprised 57.93% of all assets. At the same time, current assets and current liabilities rose by 33.88% and 49.02% respectively. Despite decrease of current liquidity decreased from 80.54% to 72.35%, level of current liquidity remains high.

Main sources of funding of Trustbank are clientele source, share of which in total liabilities made up 73.58% in the fourth quarter of 2010. At the same time, all deposits of clients made up 95.56% of attracted resources in considered period. At the same time, 99% of Trustbank liabilities are resources with less than one-year term, in the result of which borrowed funding base considered as short-term. It is necessary to note that the bank is active participant of securities market and it issued bonds for over 3 billion soums with 5 year maturity date.

Increasing of its own capital is important part of Trustbank’s development strategy. The own capital of the bank rose by 46.67% year-on-year to 40.8 billion soums in the reporting period. In order to timely implement requirements on equity capital, the bank issued 8.7 million ordinary shares with par value of 1,000 soums each. In 2010, the bank placed all shares to raise equity capital to 15 billion soums.

The growth of capital base helped to increase capital adequacy ratio. In the result, the ratio of capital adequacy and the first level capital of Trustbank made up 19.60% and 17.20% (17.30% and 15% in 4Q 2009) respectively.