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S&P affirms ratings of National Bank of Uzbekistan

21 November 2012

http://en.trend.az of 11/21/2012 - Standard & Poor's has affirmed the international credit ratings of the National Bank for Foreign Economic Activity of Uzbekistan (NBU), the largest commercial bank in the country, at the level of B+/B with a "stable" forecast, the bank said today.

As previously reported, S&P raised the long term counterparty rating of NBU to B + from B and affirmed the short term rating at B in accordance with updated methodology of assigning ratings in December.

According to the agency, assigned ratings reflect an adequate business position, an adequate position on risk, performance above the average level of funding and adequate liquidity of the bank.

The NBU was founded in September 1991 as a government agent in international financial markets. Today, it acts as a universal commercial bank.

The Bank is wholly owned by the state.

The bank has approximately 100 branches and offices, and the subsidiary AsiaInvestBank in Moscow. The bank serves about 2.5 million physical and legal entities. Correspondent relations have been established with 650 foreign banks.

In 2011, the assets of the NBU, calculated by international financial reporting standards (IFRS) increased by 13.3 percent compared to the same period in 2010 - up to 7.876 trillion soum, credit portfolio - by 17.9 percent to 4.686 trillion soum, liabilities - by 13.7 percent to 7.104 trillion soum, own capital - 10 per cent, to 771.57 billion soum.

Net profit of the NBU in 2011 decreased by 4.5 percent - to 67.598 billion soum.

Official exchange rate on November 20 is 1966.36 soum/$ 1.