Moody's re-affirms Uzbek Asaka bank’s rating

Uzbekistan, Tashkent, July 24 / Trend, D. Azizov /

Moody's international rating agency reaffirmed "Asaka" State Joint-Stock Commercial Bank's financial strength rating at 'E +', long-term and short-term rating of deposits in national currency at 'Ba1/Not Prime", as well as long-term and short-term rating of deposits in foreign currency "B2/Not Prime", the bank's management told Trend today.

All ratings have "Stable" outlook.

Previously, Moody's upgraded Asaka's rating on deposits in national currency from "B1" to "Ba3" and in foreign currency - from "B3" to "B2" in December 2009 and confirmed them in August 2010, October 2011 and November 2012.

Asaka's rating assessment is based on the annual report of the bank as of 2012, prepared upon the International Financial Reporting Standards (IFRS), the agency said.

Asaka State Joint-Stock Bank is ranking second in terms of its main banking indices in the Uzbek banking system.

Asaka State Joint-Stock Bank's assets increased its assets, calculated according to the International Financial Reporting Standards (IFRS), by 21 percent up to 4.228 trillion soums in 2012.
According to the report, the bank's loan portfolio in a total volume of assets increased by 45.4 percent - up to 2.212 trillion soums, cash and cash equivalents - by 23.9 percent (up to 918.881 billion soums), fixed assets - by 1.9 times (up to 85.323 billion soums) in 2012.

The bank's liabilities increased by 21.1 percent - to 3.72 trillion soums in 2012. The customers' funds increased during the period by 27.8 percent - up to 2.798 trillion soums.

The bank's equity amounted to 507.264 billion soums in early 2013 compared to 422.434 billion soums in the previous year (an increase of 20.1 percent), including share capital, calculated by a market value, increased by 4.8 percent - up to 395.355 billion soums, undistributed profit - by 2.6 times (up to 57.433 billion soums).

As of 2012, Asaka bank earned the net profit worth 47.585 billion soums compared to 40.18 billion soums in 2011 (an increase of 18.4 percent).

Asaka Bank was established in 1996. It is mainly involved in lending to the automotive industry.

As of January 1, 2013, the bank's shareholders are the Finance Ministry - 60.97 per cent of shares, Uzavtoprom - 14.58 per cent, the Uzbek Reconstruction and Development Fund - 14.56 per cent, UzGAZOil - 5.06 per cent, Almalyk Mining and Metallurgical Combine - 2.53 per cent, Uzbekistan Railways - 1.27 per cent, Uzagrosugurta state joint stock insurance company - 0.5 per cent, Uzbektelecom - 0.28 per cent, UzbekInvest national export-import insurance company and Khalq Sug'urta insurance company - 0.13 per cent.

At present, the Uzbek banking system is represented by 29 commercial banks, of which three are state-owned, four - with foreign capital, 13 - joint stock and 9 - private.

In 2012, the total assets of the Uzbek banks increased by 30.2 percent to 35.7 trillion soums compared to 2011, the total loan portfolio - by 30.5 percent (to 20.4 trillion soums), the aggregate bank capital - by 24.3 percent (up to 6.2 trillion soums).

The official exchange rate is 2.104.62 soums/$1 on July 24.

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