Moody's assigns ratings with stable forecast to Uzbek InFinBank
Uzbekistan, Tashkent, July 13 / Trend D. Azizov /
Moody's international rating agency first has assigned a financial strength rating of "E +", a long-term deposit rating of "B3", and a short-term deposit rating of "Not Prime" and a stable forecast to the Uzbek Invest Finance Bank.
Established in early 2008 with registered capital of 3.12 billion soums, InFinBank is in the top-20 banking system of Uzbekistan, represented by 31 banks.
In 2010, InFinBank increased its assets by 32.6 percent, up to 110.859 billion soums compared to 2009.
Its loan portfolio increased by 68.7 percent up to 31.241 billion soums.
The bank's net profit amounted to 6.479 billion soums as of 2010 compared to 2.941 billion soums in 2009.
Its profitability on assets last year totaled 5.58 percent, with equity of 44.86 percent compared to 4.23 percent and 12.16 percent last year.
InfinBank is acting as a universal credit organization providing a wide range of services to big corporate clients, representatives of small and medium business, as well as physical entities.
The structure of the bank includes three branches, six mini-banks, five retail centers, which enable to serve about 1,500 companies and enterprises, including leasing companies, manufacturers and service industries, as well as about 7,000 physical entities.
The bank established correspondent relations with several foreign banks.
The official exchange rate is 1719,97 soums per $1.