TBC Uzbekistan, a digital financial ecosystem within TBC Bank Group, reported a 46.5% year-on-year growth in the total volume of payments within the ecosystem, reaching 43.9 trillion UZS in the third quarter of 2026. Meanwhile, the base of monthly active users increased to 6.1 million people.
However, the net profit of the Uzbekistan segment decreased by 61.2%, amounting to 15.9 million Georgian lari (approximately equivalent to 6.1 million US dollars). This decline occurred against the backdrop of an 18% rise in operating expenses and a 14.5% drop in net interest income, according to preliminary IFRS results published by TBC Uzbekistan and TBC Bank Group on November 6, 2026.
Payment growth and user base continue
The ecosystem continued to expand its client base: registered users reached 25.5 million, and the number of active sellers grew by 48% compared to the previous year. During the reporting quarter, clients made 198 million transactions, which is 39% more than the previous year. The payment volume in USD equivalent increased by 54%.
The report states that USD equivalents are based on the company's exchange rates. Balance sheet figures were converted using the rate as of September 30, 2026, which was 2.6051 GEL per USD, while profit and loss figures were translated using the average exchange rate for the respective period.
Profit decline due to rising costs and lower interest income
A year earlier, the segment's net profit was 41.1 million GEL (approximately 15.2 million US dollars). In the third quarter, net interest income reached 125.0 million GEL (about 47.7 million US dollars). Meanwhile, net income from commissions and fees grew by 5.9% to 44.7 million GEL (approximately 17.0 million US dollars).
Operating expenses reached 92.4 million GEL (about 35.3 million US dollars), leading to an increase in the cost-to-income ratio to 53.8% compared to 41.5% the previous year. Profit before tax decreased from 48.2 million GEL (approximately 17.8 million US dollars) to 13.9 million GEL (about 5.3 million US dollars). Return on equity stood at 7.8%, down from 23.3%.
For the first nine months of 2026, the segment's net profit was 57.3 million GEL (approximately 21.5 million US dollars), which is lower than the figure of 95.0 million GEL (approximately 34.5 million US dollars) for the same period last year, showing a decrease of 39.7%. Net interest income for this period decreased by 9.9% to 369.7 million GEL (approximately 138.7 million US dollars).
The report noted that the results for the first nine months of 2025 included a one-time credit loss write-off of 24.6 million GEL (approximately 8.9 million US dollars) before tax.
Balance Sheet: Assets remain relatively stable, capital grows
As of September 30, the segment's assets amounted to 3.47 billion GEL (approximately 1.33 billion US dollars). They increased by 0.2% year-on-year and by 1.9% quarter-on-quarter. Equity grew by 10.2% to 820.0 million GEL (approximately 314.8 million US dollars).
Customer deposits reached 1.49 billion GEL, or about 573 million US dollars, which is 1.7% higher year-on-year and 2.8% quarter-on-quarter. Funds attracted from credit institutions decreased by 9.9% to 973.6 million GEL (approximately 373.7 million US dollars).
Loan portfolio returns to growth, but remains below last year's level
The total loan volume was 2.37 billion GEL, or about 910 million US dollars. The portfolio grew by 2.8% quarter-on-quarter, and excluding instant cash loans, the growth reached 13%. Nevertheless, it was 10.1% less than in September 2025. Net loans decreased by 15.6% year-on-year to 2.07 billion GEL (approximately 793 million US dollars).
Instant cash loans accounted for 53% of the portfolio, business loans for 20%, point-of-sale (POS) and installment loans for 14%, and credit cards and other products for 13%.
Credit portfolio quality deteriorates
The Non-Performing Loan (NPL) ratio rose to 11.8% compared to 4.7% the previous year. The amount of NPL was 280.4 million GEL (approximately 107.6 million US dollars), while the coverage ratio reached 108.5%.
The risk cost decreased by one percentage point quarter-on-quarter to 10.8%. The net interest margin was 20.1%. The investor presentation noted that the increase in the NPL ratio in the second quarter was largely due to extending the debt write-off period from 270 to 360 days.
Capital position remains significantly above regulatory requirements
TBC Bank Uzbekistan's Tier 1 capital adequacy ratio was 21.4%, exceeding the minimum required level of 8.5%. The total capital adequacy ratio reached 21.7% against a minimum requirement of 12%. The bank's regulatory capital was 541.2 million GEL (approximately 207.7 million US dollars), and risk-weighted assets were 2.50 billion GEL (approximately 958 million US dollars).
TBC Group CEO Vakhtang Butskhridze stated that lending growth in Uzbekistan is gradually recovering as the portfolio is adjusted to meet regulatory requirements. He also added that automatic debt collection rules are expected to come into force in early 2027.
Retail customer base growth is fastest in regions
The fastest growth in retail customers was recorded in Samarkand region, where growth was 28% year-on-year. In Namangan region, growth reached 27%, and in Surkhandarya and Andijan regions, growth was 26%.
In Tashkent region, as well as in Navoi, Jizzakh, and Syrdarya regions, and in the Karakalpakstan Republic, the penetration of ecosystem services already exceeds the level in the capital.
Salom and Osmon Cards
The number of TBC Salom debit cards issued increased by 106% year-on-year to 1.5 million. Over 241,000 TBC Osmon credit cards were issued, which is 176% more than the previous year. The Salom card is now available on UZCARD, Humo, and Visa networks. As of September 30, Salom accounts accounted for 5.8% of the deposit portfolio, which totaled 6.7 trillion UZS.
Business client base increased fivefold
The number of business clients registered in the ecosystem grew fivefold compared to last year, with 84% of them based outside Tashkent. Slightly over half are engaged in wholesale and retail trade, followed by manufacturing, information and communication technologies, agriculture, and education.
Transactions totaling over 7.8 trillion UZS were processed through the BILLZ platform, and the number of brands on this platform exceeded 4,800, which is 53% more than the previous year. During the quarter, SoftPOS technology was launched, allowing sellers to accept card payments on smartphones without dedicated POS terminals. BILLZ also became available for grocery stores.
The TBC Biznes settlement payment system project, launched in July, allows employees of participating companies to become holders of Salom cards. The issuance of business cards for TBC Biznes clients is planned in the coming months.
New ecosystem services
Subscriptions to ecosystem services grew by 120% to 1.2 million. TBC plus and payme plus subscriptions were merged into a single offer. TBC Avto, launched in May, issued 340 loans, and its portfolio reached 75.4 billion UZS. Revenue from airline ticket sales through payme travel grew to 5.6 billion UZS, which is 96% more than in the second quarter. One out of five tickets was purchased using installments or deferred payment. International tours and eSIM services were also added to payme travel.
The microfinance organization TBC Credit began active operations in February 2026. According to the Central Bank, it ranked third among 142 microfinance organizations in the country by assets.
Novvot loyalty program and AI assistant
In October, the ecosystem launched the Novvot loyalty program. Customers earn Novvot points, known as navats, which can be spent in ecosystem applications and in Novvot Shop. Initially, the program covers TBC Bank and payme, with plans to expand to all ecosystem products.
The AI assistant Lola processes about 120,000 customer requests monthly without operator involvement and resolves approximately half of incoming chats.
OLX Uzbekistan joins the ecosystem
Following the acquisition completion in July, OLX Uzbekistan began integration into the ecosystem. Dmitry Puchkov was appointed as the new CEO of the platform. Daniyor Turgunov, who led OLX Uzbekistan for 10 years, retains a key role in the company's management.
OLX will continue to operate as an independent classifieds platform under its own brand.
Management comments
TBC Uzbekistan CEO Nika Kurdiani noted: 'The business segment is growing steadily and becoming an increasingly important part of the ecosystem: the number of active sellers grew by 48% year-on-year, and business loans accounted for 20% of the total loan portfolio.'
