Uzbekistan's bank loan portfolio increased by 13.2% over the year

According to the Central Bank of Uzbekistan, as of October 1, 2026, the volume of non-performing loans (NPL) in commercial banks in Uzbekistan reached 25.04 trillion soms. This amount constitutes 3.8% of the total loan portfolio of the banking sector, which is estimated at 659.1 trillion soms.

In state-owned banks, the share of NPL was 16.9 trillion soms, equivalent to 3.98% of their loan portfolios. In other banks, non-performing loans reached 8.1 trillion soms, or 3.47% of issued loans.

The largest volume of non-performing loans is concentrated in the country's largest state banks. For example, Agrobank reported 3.18 trillion soms in NPL, corresponding to 3.3% of its portfolio. UzNationalBank recorded 3.11 trillion soms, or 3%.

Microcreditbank ranked third in terms of NPL volume with a figure of 2.74 trillion soms, which accounts for 11.4% of its total lending volume. Among other banks with large volumes of NPL were Uzpromstroybank (1.79 trillion soms, 3%), Asaka Bank (1.61 trillion soms, 4.1%), Xalq Bank (1.59 trillion soms, 4.1%), and Business Development Bank (1.53 trillion soms, 5.8%).

Mortgage Bank reported 1.24 trillion soms in NPL, or 3.3% of its portfolio. The figures for Anor Bank and Kapitalbank were 1.18 trillion soms (9%) and 1.11 trillion soms (2.8%), respectively.

Madad Invest Bank demonstrated the highest NPL ratio: 254.8 billion soms out of a total portfolio of 586.8 billion soms, which equals 43.4%. Other banks with double-digit NPL ratios included Poitakht Bank (13.8%), TBC Bank (13.4%), and Microcreditbank (11.4%). The ratio was about 9% at Anor Bank, 6.9% at AVO Bank, and 6.1% at Garant Bank.

UzKDB Bank and Octobank did not report any non-performing loans. NPL ratios were below 1% at Uzum Bank, Apex Bank, Open Bank, and Tayanch Microfinance Bank.

Among medium and large banks, Hamkorbank had the lowest NPL ratio—1.5%, followed by Ipak Yuli Bank (1.7%) and Invest Finance Bank (2.3%).

According to the banking sector's income and expenditure report, the estimated potential losses on loans and leases as of October 1, 2026, reached 24.9 trillion soms. This figure increased by 34% compared to 18.6 trillion soms a year earlier.

According to data from the Central Bank of Uzbekistan, the total assets of commercial banks in Uzbekistan reached 1,044.8 trillion UZS as of October 1, 2026. This figure represents an increase of 20.5% compared to 866.8 trillion UZS the previous year.

The fastest asset growth was demonstrated by non-state-owned banks, which increased their balances by 36.2% to 410 trillion UZS. Meanwhile, assets of state-participating banks grew by 12.2%, amounting to 634.9 trillion UZS.

Consequently, the share of non-state-owned banks in the total banking system assets increased from 34.7% to 39.2%, indicating the growing contribution of the private banking sector.

Foreign currency assets decrease as a percentage of total assets

The share of foreign currency assets in bank balances continued to decrease relative to the total volume. Assets denominated in foreign currency increased by only 6% year-on-year, reaching 352.7 trillion UZS. Their share in total banking assets fell from 38.4% to 33.8%, reflecting a slower growth rate compared to the overall fund of banking system assets.

Loan portfolio expands, but investments in securities grow faster

Loans remained the largest component of commercial banks' assets. The net loan portfolio increased by 13.1% to 638.1 trillion UZS, although its share in total assets decreased from 65.1% to 61.1%. This reduction in the relative weight of lending is largely explained by the significantly faster growth of investments and securities.

Bank assets in the form of investments and securities soared by 93.4% over the year, reaching 155.6 trillion UZS, almost double. Accordingly, their share in total banking assets increased from 9.3% to 14.9%. Funds held by commercial banks at the Central Bank grew by 33.7% to 36.2 trillion UZS. At the same time, cash increased by 11.7% to 30 trillion UZS, and accrued interest receivable grew by 47.2% to 39.1 trillion UZS. Meanwhile, requirements from non-residents decreased by 18.8% to 44.9 trillion UZS, and requirements from residents also decreased by 3.2% to 29.2 trillion UZS.

Bank liabilities and capital continue to grow

Regarding balance sheet liabilities and capital, total bank obligations increased by 21.1%, reaching 891.9 trillion UZS. The equity capital of the banking system grew by 17.3%, amounting to 152.9 trillion UZS. These figures demonstrate that the expansion of bank assets was accompanied by growth in both liabilities and capital.

Twelve banks control nearly 79% of total assets

The banking system of Uzbekistan maintains a high degree of concentration, as the largest institutions accumulate the vast majority of assets. Out of 35 operating commercial banks in the country, 12 had assets exceeding 30 trillion UZS as of October 1, 2026. Together, these banks controlled 821.9 trillion UZS, equivalent to 78.7% of the total banking system assets.

Another 11 banks had assets in the range of 10 to 30 trillion UZS, with their combined assets totaling 181.5 trillion UZS. Six banks had assets between 3 and 10 trillion UZS, summing up to 34.2 trillion UZS. The six smallest banks, each having assets of less than 3 trillion UZS, collectively owned 7.2 trillion UZS.

Data from the Central Bank highlights the ongoing expansion of the banking sector in Uzbekistan, especially among private institutions, as well as the shift in asset structure towards investments and securities. Despite the faster growth of small and private banks, the sector remains dominated by a relatively small group of large financial organizations.

The total volume of assets in the banking system of Uzbekistan reached 1,044.8 trillion soums as of October 1, 2026, demonstrating a 21% growth compared to the previous year. This data was provided by the Central Bank of Uzbekistan.

During the year, lending increased by 13%, amounting to 659.1 trillion soums, while the total capital of banks grew by 17%, reaching 152.9 trillion soums. Deposits showed the fastest growth, with their total volume increasing by 129.6 trillion soums, or 35%, reaching 501 trillion soums.

The Central Bank noted that these indicators suggest an expansion in both lending and attracted deposits by the banking system. However, the share of foreign currency in key indicators of the banking system decreased during the reporting period.

The share of foreign currency in total bank assets fell from 38% to 34%, in loans from 39% to 38%, and in deposits from 23% to 19%. According to the Central Bank's data, this indicates an increasing share of the national currency in bank assets, loans, and deposits.

In absolute terms, foreign currency assets increased from 332.9 trillion to 352.7 trillion soums, but the growth rate of these assets was slower than the growth rate of total assets. Foreign loans increased from 228.7 trillion to 252.3 trillion soums, and foreign deposits grew from 83.7 trillion to 93.1 trillion soums.

For comparison, as of October 1, 2025, the banking system's assets amounted to 866.8 trillion soums, loans to 582.2 trillion soums, deposits to 371.5 trillion soums, and capital to 130.4 trillion soums.