Bank deposits in Uzbekistan grew by 34.9% to 501 trillion soums

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.

According to data from the Central Bank of Uzbekistan, commercial banks in Uzbekistan reported a year-on-year growth in net profit of 40.3%, reaching 15.26 trillion soms as of October 1, 2026. This figure significantly exceeds the 10.88 trillion soms recorded a year earlier.

Profit before tax increased by 34.8%, amounting to 17.44 trillion soms, while corporate income tax expenses grew much slower—only by 5.8%, reaching 2.19 trillion soms.

Income from interest increased by 18.5%, rising to 110.4 trillion soms. However, interest expenses grew faster, increasing by 21.4% to 79.2 trillion soms. Consequently, the interest margin expanded by 11.8%, reaching 31.3 trillion soms.

The main driver of profit growth was income from non-interest activities, which increased by 44.3% to 76.2 trillion soms. This outpaced the growth in non-interest expenses by 32.7%, which amounted to 26.5 trillion soms. The net income from non-interest activities of banks increased 1.9 times, reaching 23.4 trillion soms.

The banking sector also recorded an increase in costs. Operating expenses rose by 27.3% to 26.3 trillion soms, and estimated losses on loans and leases increased by 34%, totaling 24.9 trillion soms. Estimated non-credit losses grew by 42.9% to 12.3 trillion soms.

Profitability indicators improved during the reporting period: return on assets (ROA) rose from 2.1% to 2.37%, and return on equity (ROE) grew from 11.8% to 14.1%.

Nevertheless, the ratio of net interest margin to total assets decreased from 4.53% to 4.24%, and the ratio of net interest income to assets fell from 4.3% to 3.99%.

Profit structure by bank size

The largest banks accounted for the majority of the sector's total profit, making up about two-thirds of the total volume. Twelve banks with assets exceeding 30 trillion soms generated a combined net profit of 10.3 trillion soms, which is 67.5% of the sector's total profit. Their return on equity reached 12.35%.

Medium-sized banks demonstrated the highest return on equity. Six banks with assets ranging from 3 to 10 trillion soms achieved an ROE of 23.65%, and 11 banks with assets between 10 and 30 trillion soms reported an ROE of 20.8%. The latter group generated a combined profit of 3.93 trillion soms.

Meanwhile, the six smallest banks, each with assets up to 3 trillion soms, earned a combined 38.8 billion soms, with their return on equity being only 1.96%.

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.