Uzbekistan's banks are experiencing a steady decline in their net profit on a monthly basis. In May, the banks reported a net profit of $69 bn, marking the lowest monthly profit in the past six months, according to reports from the "Bankir" channel on Telegram.
This downward trend in profitability is evident since November 2022 when banks recorded a profit of $62.6 billion. Prior to May, the banks had been consistently earning around $86.5 mn per month due to a surge in demand within the banking system.
In five months of 2023, banks accumulated a total revenue of $4.3 bn, with a net profit of $415.5 mn. This reflects a 29.9% increase in revenue and a 40.4% increase in profit compared to the same period in 2022.
Although non-interest income increased by 23.2%, it is worth noting that interest income also rose by 34.3%. This suggests that banks continue to generate more revenue from lending activities rather than from other services.
From January to May, banks paid a profit tax of $112.5 mn. Additionally, operational expenses, including monthly employee salaries, amounted to $597.3 mn during this period.
