Moody’s said NBU’s ratings reflect the bank’s strong franchise value within the context of Uzbekistan, where the bank has a dominant share in terms of assets, capital and loans, as well as the bank’s utmost importance for the Uzbek economy given its major role in attracting and conducting foreign investments to the country and servicing foreign trade operations.

However, NBU’s ratings are constrained by its current low profitability and cost-efficiency, the low diversification of its funding base and a degree of uncertainty relating to the bank’s asset quality, as well as its corporate governance and risk management practices, which are currently at the process of development.

NBU became the third Uzbek bank, which received rating from foreign rating company. Earlier, Fitch assigned ratings to Pakhta Bank and Hamkor Bank.