The assigned rating reflects high business activity of the bank at the market, dynamic development of commercial network, adequate capitalization and balance liquid position. The rating reflects risks, related with fast growth of the assets and geographic concentration of the business.

Firm strategy, directed at expanding business scale and strengthening position of the bank in market, as well as supporting shareholders give additional stability to the business of Trustbank. The rating also takes into account sustainable enough and strengthening market position of Trustbank among compared bank, especially on such figures as aggregate capital, deposit portfolio, investment portfolio and capital base.

But, changes in commercial, financial and economic terms can impact ability of the bank to execute its financial liabilities compared to other banks with higher rating.

In the reporting period, Trustbank showed stable expansion of its business scale. In the third quarter, the assets grew by 26.74% year-on-year to 434.8 billion soums. This was result of the growth of income-bearing assets by 47.09%.

Share of income-bearing assets in structure of the bank’s assets grew from 48.9% in the third quarter of 2010 to 56.75% in the third quarter of 2011. The significant part of income-bearing assets fell to share of inter-banking resources, which grew by 27.83% year-on-year in the third quarter of 2011 to make up 49.57% of the income-bearing assets.

Loan portfolio of the bank increased by 80.95% and reached 109 billion soums. Its share in income-bearing assets of the bank grew from 35.93% in the third quarter of 2010 to 44.2% in the third quarter of 2011. Besides, investment securities and other trade assets of the bank increased by 30.35% and reached 6.23% of income-bearing assets of the bank.

Main part of funding of Trustbank receives from its corporate clients. As of the end of the third quarter of 2011, the clientele accounts made up 71.94% of total liabilities of the bank. In the reporting period, the deposits and attracted resources from the money markets rose from 24.31%, and main part of them fell to share to deposits on demand.

At the same time, base of borrowed funds of the bank rated as short term as 97.04% of liabilities of Trustbank are for less than a year. It is worth to mention that the bank is active participant of securities market and it issued corporate bonds for 3 billion with 5-year circulation term.

Other long-term borrowed resources of the bank made up 0.05% of liabilities. Besides, the bank has large volume of interest-free liabilities, which made up 27.23% of the bank’s liabilities. Term resource base of the bank grew by 89.49%. in the result, the ration of loan portfolio to term resource base decreased from 228.31% in the third quarter of 2010 to 216.65% in the third quarter of 2011. At the same time, the figure rated as in acceptable level if the bank holds high liquid position.

Main part of the strategy of Trustbank is stable growth of own capital. In the end of the third quarter of 2011, the bank’s capitalization is rated as balance. Own capital of the bank grew by 33.69% to 49.9 billion soums.

In order to implement set requirements on equity capital, the bank issued 8.7 million ordinary shares with par value of 1,000 soums each. The issue was fully placed and it helped to increase charter capital to 15 billion soums.

At the end of the reporting period, the coefficient of capital adequacy and the first level of capital adequacy made up 18.7% and 18.2% (20.9% and 18.7% in 3Q 2010) respectively, which is evidence of existence of pressure to capital due to growth of business scale of the bank. The level of own capital adequacy rose from 10.87% in the third quarter of 2010 to 11.47% in the same period of 2011.