Uzbekistan, Tashkent, Jan.27 / Trend , D.Azizov /
The international rating agency Standard & Poor's affirmed long- and short-term counterparty loan ratings of "B / B" in late 2008 for the National Bank of Uzbekistan. According to the agency, the rating forecast is "stable."
"The main positive factors affecting the rating of National Bank for Foreign Economic Activity, is the leading commercial position in international trade and investment, a diversified resource base and a moderate risk of refinancing, as well as adequate capitalization and liquidity," the agency said in a statement.
In addition, Standard & Poor's analysts emphasize a very important role of the National Bank of Foreign Economic Activity in Uzbekistan's economy in connection with which the bank can receive special state support.
Besides, the bank has a well-diversified resource base. On Sept. 30, 2009, 41 percent of its structure were deposits of legal entities and 24 percent of foreign loans provided mainly by export credit agencies and banks.
Capitalization of the Bank is rated as sufficient according to the agency's forecasts.The level of liquidity is high due to the effective management of assets and liabilities.
Deposit base differ with stability and is characterized by a sufficient level of trust of customers, the report says. The analysts of "Standard & Poor's" state that Uzbekistan has avoided the massive withdrawal of customer deposits when the crisis was at its height.
Te rating agency's experts believe that Customers' funds which amount to 41 percent of the commitments of the National Bank for Foreign Economic Activity as of Sept. 30, 2009, are the main resources source of the bank. More than two-thirds fell to current accounts and deposits of large companies and government and budget organizations. The balance of the accounts of physical entities that make up 20 per cent of customers' funds is steadily increasing after the introduction of the savings deposits for children and multi-currency fixed-term deposits, as well as active issue of bank cards in the first half of 2009.
The agency also noted the leading position of the National Bank for Foreign Economic Affairs in the sphere of service, increase of the country's export potential and attraction of foreign direct investments, as well as the competitive advantages of the bank, including a good credit history and long standing business relationships with international banks and export credit agencies.
Analysts of "Standard & Poor's" emphasize that the National Bank is the largest universal bank in Uzbekistan, because one third of total banking system assets fall to its share.
State National Bank for Foreign Economic Affairs is the largest bank in Uzbekistan, which accounts for one third of the aggregate assets of the banking system of the country, was established in 1991. Until 2004, it was an agent of the government in international financial markets, and at present acts as a universal commercial bank.
The Bank has 90 branches and over 500 sales posts and a subsidiary bank Asia Invest Bank in Moscow. It serves to 80,000 legal and 2 million physical entities (as of Jan. 1, 2010). Besides large companies, target customers of National Bank of Uzbekistan are small enterprises, organizations dealt with microfinance, as well as physical entities.
The strategic priorities of the National Bank for 2009-2012 include increasing investment activity in key sectors of the economy, further cooperation with international banks and the completion of preparation for privatization. Correspondent relationships are established with 558 foreign banks from 72 countries of the world.
In 2008, the bank's assets on international financial reporting standards increased by 27.4 percent - up to 4.136 trillion soum, the amount of credit portfolio - by 3.7 percent to 2.219 trillion soum, the obligations - by 30.7 percent up to 3.446 trillion soum, owners' equity by 13.2 up to 689.54 billion soum as of Dec. 31, 2008.
As a result of 2009 the bank received 30,338 billion net profit compared to 45,493 billion of soum earlier.
The Uzbek government planned to privatize the National Bank of FEA selling 49 percent of the shares of financial institutions to strategic institutional foreign investors by 2010.
On Jan.27 official exchange rate is 1520.76 soum to $ 1.
Do you have any feedback? Contact our journalist at agency@trend.az
