The uzB rating reflects middle level of solvency of the bank. The bank with uzB rating currently timely and fully execute its financial liabilities, but its “margin of safety” is limited and its ability to continue timely payments depends from sustainable and favorable business environment and economic situation.

Samarkand Bank rating reflects growth of capitalization of the bank, support of shareholders, and gradual improvement of financial results. At the same time, the rating also reflects risks, related with high growth of assets, significant positions in crediting, as well as low, but strengthening liquid position of the bank. The positive outlook reflects expectations of Ahbor-Reyting to continue diversification of business, further strengthening of liquid position of the bank and support of good quality of assets.

In the reporting period, Samarkand Bank demonstrates stable growth of financial figures. In the fourth quarter of 2011, the assets of the bank grew by 30.86% year-on-year and made up 47.2 billion soums. The growth of assets was achieved due to 79.12% of jump of loan portfolio of the bank, share of which in total assets made up 32.29% (23.59% in 2010) in 2011.

At the same time, other income bearing assets of Samarkand Bank fell by 38.03% year-on-year to 12.76% of assets of the bank. In particular, trade assets and investment portfolio of the bank fell by 99.54% and 64.44% respectively. Simultaneously, securities, purchased on repo agreements, grew three times in the fourth quarter of 2011.

Besides, interbank assets of the bank made up 4.2 billion soums or 8.9% of total assets. In the result, all income-bearing assets of Samarkand Bank grew by 13.5% to 46.51% of total assets of the bank. It is worth to mention that non-operational assets of the bank rose by 66.84% year-on-year to 40.33% of the assets.

At the same time, liquid base of Samarkand Bank rated as acceptable. In the fourth quarter of 2011, the liquid assets of Samarkand Bank grew almost 2.5 times and their share made up 15.86% (8.53% in 4Q 2010).

In the reporting period, current assets and current liabilities of the bank rose by 139.85% and 36.44 respectively. At the same time, the coefficient of current liquidity of Samarkand Bank increased from 62.38% in the fourth quarter of 2010 to 109.66% in the same period of 2011.

The ratio of loan portfolio to deposits and attracted resources from money markets was 73.66%, and this shows that the bank has opportunity for further growth of income-bearing assets.

Funding base of Samarkand Bank is formed mainly due to clients’ resources. In the fourth quarter of 2010, the figure of deposits and attracted resources grew by 81.58% and made up 92.79% of liabilities of the bank. The funding base is rated as short-term. In the reporting period, term resource base of the bank made up 105.92% and Ahbor-Reyting believes that this figure will be in favourable level.

In the reporting period, own capital of Samarkand Bank increased by 12.31% and reached 25.7 billion soums. Equity capital of the bank rose by 9.59% and made up 24 billion soums. At the same time, the coefficient of general capital and the first level capital of Samarkand Bank made up 51.5% and 54.9% (43.7% and 80.8% in 4Q 2010) respectively in the reporting period. Own capital adequacy of the bank was 54.48% in the fourth quarter of 2011.