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Global Credit Research - 18 Apr 2011
Moscow, April 18, 2011 -- Moody's Investors Service has today affirmed the stand-alone
E+ bank financial strength rating ("BFSR") of Alokabank
(Uzbekistan) mapping to B3 on the long-term rating scale.
Alokabank's B1 and B2 long-term global scale local and foreign
currency deposit ratings, as well as the bank's Not Prime
short-term ratings were also affirmed. The outlook on all
of Alokabank's long-term ratings is stable.
Moody's assessment is primarily based on Alokabank's audited
financial statements for 2010 prepared under IFRS.
According to Moody's, Alokabank's ratings are constrained
by the weaknesses in the bank's risk management and corporate governance
practices. In particular, the bank has been historically
involved in related-party business which accounted for 24%
of the bank's gross loan book and 47% of its customer deposit
base at YE2010. Alokabank's credit concentration levels also
remain high with the 20 largest exposures comprising 53% of the
bank's total gross loan book and 141% of its Tier 1 capital
as at YE2010, although Moody's observes some improvement from
70% and 215% levels, respectively, a year earlier.
Despite Alokabank's high regulatory capital levels, the bank's
economic capitalisation is weak due to the (1) accumulated investments
in non-core insolvent manufacturing companies (in accordance with
the Uzbek government's program, whereby local banks are encouraged
to invest in the reorganising and re-equipping of weak corporates'
production sites before these entities are sold to third-party
investors) amounting to 30% of the bank's Tier 1 capital
at YE2010; and (2) the bank's investments in fixed assets totalling
60% of its Tier 1 capital at the same reporting date.
On a positive note, Alokabank's ratings are supported by the
sustainable and robust quality of its loan book, with no overdue
or restructured loans as at YE2010. The bank's individually
impaired loans as reported under YE2010 IFRS accounted for 2.26%
of the gross loan portfolio and were fully covered by loan loss reserves
of 3%. Moody's observes that this good performance
of the loan book, as well as Alokabank's active involvement
in settlement and money transfer transactions for its corporate and retail
clients support the bank's recurring and healthy income streams,
which mainly consist of interest income and fees and commissions (43%
and 39% of total operating income, respectively, in
Moody's also notes that Alokabank's industry concentration
levels have somewhat improved over the recent years, with the bank's
largest industry exposure (to the telecommunication sector) now accounting
for 18% of the total loan book compared to 25% at YE2009;
nevertheless, the rating agency would like to see more sustainable
trends proving the bank's diversification to other segments of economy.
Moody's also views favourably Alokabank shareholders' continuous
capital support to the bank. During 2010, a UZS15 billion
(USD9.15 million) capital injection was completed which accounted
for 35% of the bank's pre-injection total shareholders'
equity, and further capital injections are expected to be fulfilled
by the shareholders over the coming two years.
Alokabank's local currency deposit rating derives from the bank's
long-term scale of B3 and also incorporates a two-notch
uplift to B1, reflecting (i) the high probability of systemic support
expected to be rendered to the bank, in case of distress,
in accordance with the bank's special mandate for rendering services
to the state telecommunication industry and (ii) the cumulative direct
and indirect state ownership in the bank's capital -- accounting
for more than 80%. Alokabank's long-term foreign
currency deposit rating is at B2.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The principal methodologies used in rating Alokabank are Moody's
"Bank Financial Strength Ratings: Global Methodology",
published in February 2007, and "Incorporation of Joint-Default
Analysis into Moody's Bank Ratings: A Refined Methodology",
published in March 2007.
Headquartered in Tashkent, Uzbekistan, Alokabank reported
total assets of USD206 million and net income of USD3.9 million
as per the audited IFRS statements as of 31 December 2010.
Further information is available at www.moodys.com.
Asst Vice President - Analyst
Financial Institutions Group
Moody's Eastern Europe LLC
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Eastern Europe LLC
Moody's affirms B1/NP/E+ of Alokabank; stable outlook (Uzbekistan)
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Telephone: +7 495 228 6060
Facsimile: +7 495 228 6091
No Related Data.
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