Assigned rating to Turon Bank reflects improvement of financial results of the bank in context of growth of business scale, traditional clientele base in the regions and developed commercial network. The rating also takes into account risks related with fast growth of assets, moderate capitalization, as well as apprehensibility to external funding sources. It also takes into account experience of the bank in the market and support of shareholders.

In the reporting period, business scale of Turon Bank demonstrated stable improvement. In line with financial reports, the assets of the bank rose by 65.64% year-on-year to 402 billion soums. The loan portfolio grew by 69.58% and reached 63.96% of the bank’s assets or 257.1 billion soums. The quality of the assets rated as acceptable. In the reporting period, the bank had no bad credits in loan portfolio.

In the first quarter of 2011, the bank’s liquidity considered as sustainable. At the same time, liquid assets in the reporting period rose by 50.66% and made up 18.5% (19.85% in 1Q 2010) of the assets. At the same time, current assets and current liabilities rose by 42.66% and 45.6% respectively in the first three months of 2011. Coefficient of current liquidity of Turon Bank decreased from 46.11% in the first quarter of 2010 to 45.18% in the same period of 2011.

Taking into account high growth of loan portfolio compared to the growth of attracted resources of the bank, the ratio of loan portfolio to deposits and attracted resources in money markets rose from 76.53% in the first quarter of 2010 to 79.1% in the same period of 2011.

Besides, term resource base of Turon Bank grew twice in the first quarter of 2011 compared to the first quarter of 2010. The ratio of loans to term resource base fell up to 157.79% (190.23% in 1Q 2010). According to Ahbor-Reyting, the liquidity of the bank will be in acceptable level in near future.

The main source of funding of Turon Bank is clientele accounts, share of which made up 84.84% in total liabilities of the bank in the first three months of 2011. At the same time, deposits of clients made up 66.1% of all attracted resources of the bank in the reporting period. The deposits of clients made up 206.1 billion soums, of which 27.73% fell to share of attracted resources in foreign currency. Borrowing fund of the bank rated as short term as 89.26% of Turon Bank’s liabilities have term with the less than a year. At the same, long-term borrowing of the bank as loans rose by 62.36% and made up 3.61% of liabilities.

Own capital of Turon Bank grew by 49.56% year-on-year in the first quarter of 2011 and reached 34.5 billion soums. Simultaneously, the equity capital grew by 82.78% to 23.8 billion soums.

At the same time, undistributed income rose by 6.34 in the reporting period. General capital and the first level capital adequacy made up 10% and 11.8% (10.4% and 12.9% in 1Q 2010) in the reporting period. At the high growth of the asset, the own capital adequacy fell from 9.5% to 8.58% in the reporting period.

Ahbor-Reyting believes that the capital adequacy of Turon Bank will be in acceptable level in near future taking into account support of shareholders and the strategy of the bank directed at further growth.