Uzbekistan to offer assets worth 100 billion soum to Turkish investors

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 the Central Securities Depository, in September 2026, Uzbekistan registered the issuance of bonds totaling 358 billion soums in national currency and 90 million US dollars in foreign currency.

The issuance of these bonds was carried out by the National Agency for Advanced Projects (NAPP), after which they were entered into the depository system of the Central Securities Depository.

Largest issuances in national and foreign currencies

The largest issuance denominated in soums was conducted by the Uzbekistan Mortgage Refinancing Company JSC, which issued bonds worth 300 billion soums. This company's issuance accounted for almost 84% of all bonds registered in soums during the month.

The remaining local currency issuances were made by microfinance organizations. Specifically, Business Finance Microfinance Organization LLC issued bonds worth 40 billion soums, and Alfa Microfinance Organization LLC registered an issuance of 18 billion soums.

Among the foreign currency issuances, the largest was the issuance registered by UB Assets Holding LLC, a foreign enterprise, which issued bonds worth 50 million US dollars. This amount exceeded half of the total volume of foreign currency bond issuance recorded in September.

Asia Alliance Bank issued bonds totaling 20 million US dollars, while Universal Bank and the microfinance organization Agat Credit each raised 10 million US dollars through bond issuance.

In total, seven issuers participated in the market in September: three issued securities in soums, and four in US dollars. These issuers included two commercial banks, four financial and microfinance organizations, and one holding company.

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.