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Finance 08/05/2013 Ahbor-Reyting affirms credit rating of Turon Bank at uzA level
Ahbor-Reyting affirms credit rating of Turon Bank at uzA level
Tashkent, Uzbekistan (UzDaily.com) -- Ahbor-Reyting, a rating agency of Uzbekistan, affirmed credit rating of Open joint stock commercial bank “Turon Bank” at uzA level on national scale in the result of the first quarter of 2013. The outlook is stable.

In the reporting period, business scale of Turon Bank expanded with high tempo. In the first quarter of 2013, the assets of the bank grew by 38.88% year-on-year to 678.5 billion soums (488.6 billion soums). All income bearing assets of Turon Bank rose by32.33% and reached 70.11% of total assets of the bank. At the same time, major part of income bearing parts fell to share of issued loans, which rose by 31.09% in the reporting period and reached 361.3 billion soums or 75.94% of all income bearing assets of the bank (76.66% in 1Q 2012). At the same time, other part of income bearing assets grew by 36.43% year-on-year. The growth of income bearing assets was achieved due to growth of inter-banking assets. Other income bearing assets of Turon Bank as investments grew by 26.32% to 28.3 billion soums.

Liquid position of Turon Bank was rated as favourable. In the first quarter of 2013, the liquid assets of the bank grew by 54.23% and their share in total assets of the bank hit 34.14% of its assets (30.74% in 1Q 2012). Current assets and current liabilities rose by 63.26% and 50.14% respectively in the first quarter of 2013. At the same time, the coefficient of current liquidity of Turon Bank rose from 51.28% in the first quarter of 2012 to 55.76% in the first three months of 2013. It is rated as high level.

In the reporting period, main part of Turon Bank’s funding received from their corporate clients. It is necessary the clientele accounts made up 80.08% of total liabilities in the first quarter of 2013. At the same time, the deposits and attracted resources of Turon Bank rose by 36.04% in the first quarter of 2013.

The loan funding base of Turon Bank is rated as short term as 95.90% of liabilities of the bank are with term less than a year. In the reporting period, Turon Bank recorded high growth of deposit base.

In the first quarter of 2013, own capital of Turon Bank grew by 33.52% year-on-year in the first quarter and reached 51.8 billion soums (38.8 billion soums in 1Q 2012). In particular, equity capital of the bank rose 48.18% and made up 36.7 billion soums in the first quarter of 2013 (24.7bn soums in 1Q 2012).

The capital adequacy of Turon Bank is rated at acceptable level. The coefficient of common capital and the first level capital adequacy was 10.5% and 14.2% (10.2% and 13% in 1Q 2012) respectively in the reporting period.

In the reporting period, the profitability figures of Turon Bank are rated as at acceptable level. Net interest margin and interest spread made up 1.23% and 1.48% (1.02% and 1.18% in 1Q 2012) respectively.

Net income of Turon Bank rose 2.3 times in the reporting period to 1.6 billion soums. In the first quarter of 2013, the profitability of average assets and capital base was 0.27% and 3.44% (0.15% and 1.81% in 1Q 2012) respectively.

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