Moody's affirms Ipoteka Bank's rating
Uzbekistan, Tashkent, June 3 / Trend, D.Azizov /
Moody's Investors Service has affirmed the standalone E+ bank financial strength rating ("BFSR"), B1/Not Prime long-term and short-term global local currency (GLC) deposit ratings of Ipoteka Bank, the agency said on Friday.
The bank's B2/Not Prime long-term and short-term foreign currency deposit ratings were also affirmed. The outlook on the long-term global scale ratings is stable.
The ratings also reflect Ipoteka Bank's healthy financial indicators, including liquidity, its recovery in terms of asset quality and capitalization, as well as its visible franchise in the corporate and retail segments.
Ipoteka Bank was established in April 2005 by the merger of Joint-Stock Commercial Uzzhilsberbank and bank mortgage lending Zamin. The bank specializes in the lending of long-term individual housing construction and financing of enterprises that produce building materials.
Ipoteka Bank's assets in 2010 calculated using national accounting standards increased by 36.1 percent compared to 2009 and amounted to 1.061 trillion soums, loan portfolios increased by 31.2 percent and amounted to 560.6 billion soums, client deposits increased by 14.1 percent to 582.2 billion soums, and the bank's net income in 2010 increased by 13 percent and amounted to 19.1 billion soums.
The bank's equity capital increased by 12.9 percent in 2010 and amounted to 121.3 billion soums as of Dec.31, 2010, given the formed authorized capital worth 54.7 billion soums.