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    Economics

    'Uzbek banks show robust in 9M 2023 performance' - Avesta Investment Group

    'Uzbek banks show robust in 9M 2023 performance' - Avesta Investment Group

    The Uzbek banking sector is showing robust performance in the first nine months of 2023, as evidenced by Avesta Investment Group - a leading financial advisory firm in Uzbekistan and Turkmenistan. 

    Hamkorbank

    Photo: Hamkorbank's 9M 2023 performance
    Source: Daryo

    Hamkorbank reported impressive results for 9M 2023, including:

    • Total assets increased by 29.2% year-on-year (YoY) to reach UZS 19.8 trillion (over $1.6bn)
    • Total liabilities increased by 26%, totaling UZS 16.3 trillion (over $1.3bn)
    • Shareholders' equity saw remarkable growth, rising by 46.8% to reach UZS 3.47 trillion (over $284mn).
    • Net interest income surged by 1.6 times, amounting to UZS 865.9bn (around $71mn).
    • Net fee and commission income increased by 22%, totaling UZS 340.7bn (around $28mn).
    • Net profit soared by 1.7 times, reaching UZS 915.2bn (around $75mn)

    The estimated Price-to-Book (P/B) ratio stood at UZS 79.99 ($0.0066) per share, indicating a strong financial position. The estimated Price-to-Earnings (P/E) ratio was at the same level, reflecting healthy earnings.

    Trastbank

    Photo: Trastbank's 9M 2023 performance
    Source: Daryo

    Trastbank also demonstrated positive results for the same period:

    • Total assets grew by 10.7% YoY, reaching UZS 8.7 trillion (around $713mn) .
    • Total liabilities increased by 2.8%, totaling UZS 6.6 trillion (around $541mn).
    • Shareholders' equity surged by 1.45 times, amounting to UZS 2.15 trillion (over $176mn).
    • Net interest income increased by 14%, reaching UZS 680.1bn ( around $56mn).
    • Net fee and commission income rose by 27%, totaling UZS 186.9bn (over $15mn).
    • Net profit increased by 20%, amounting to UZS 595.5bn (around $49mn).

    The estimated P/B ratio for Trastbank was UZS 12,999.99 ($1.06) per share, indicating strong book value per share. The estimated P/E ratio was 18.87, reflecting solid earnings.

    Uzumbank

    Photo: Uzumbank's 9M 2023 performance
    Source: Daryo

    Uzumbank reported notable growth in its financial performance:

    • Total assets increased by 3.3 times YoY, reaching UZS 584.5bn (around $48mn).
    • Total liabilities multiplied by 6.94 times, totaling UZS 340.9bn (around $28mn).
    • Shareholders' equity rose 1.92 times, amounting to UZS 243.6bn (around $20mn).
    • Net interest income grew significantly by 22.2 times, reaching UZS 9.05bn ($741,320).
    • Net fee and commission income decreased by 16.9% but still totaled UZS 39.68bn (over $3.2mn).
    • Net profit reduced by 34.5%, amounting to UZS 17.4bn (over $1.4mn).

    Davrbank 

    Photo: Davrbank's 9M 2023 performance
    Source: Daryo

    Davrbank (formerly known as DAVB) presented strong financial results:

    • Total assets grew by 1.73 times YoY, totaling UZS 5.65 trillion (around $463mn).
    • Total liabilities exhibited similar growth, increasing by 1.74 times to reach UZS 4.71 trillion (over $386mn).
    • Shareholders' equity rose by 66% to amount to UZS 938.6bn (around $77mn).
    • Net interest income increased by 44%, totaling UZS 301bn (around $25mn).
    • Net fee and commission income increased almost 5 times, reaching UZS 185.6bn (over $15mn).
    • Net profit rose by more than 2 times, amounting to UZS 302.8bn (around $25mn).

    The estimated P/B ratio for Davrbank was UZS 5,000 ($0.41) per share, indicating a lower price-to-book value. The estimated P/E ratio was 1.15, suggesting a modest price-to-earnings ratio.

    These financial results showcase the resilience and growth potential of Uzbekistan's banking sector, as banks continue to expand their operations and strengthen their financial positions.

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    19.10.2023, 00:11   Comments (0)   1970
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