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
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
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
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
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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