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    Uzbekistan

    Uzbekistan’s banking sector records $31.7 mn net profit in January 2024

    Uzbekistan’s banking sector records $31.7 mn net profit in January 2024

    In January 2024, the banking sector of Uzbekistan recorded a net profit of UZS 396 bn ($31.7 mn). This figure is more than 50% lower compared to the same period in the previous year, when the net profit stood at UZS 1.04 trillion ($83.4 mn), as reported by the Central Bank of Uzbekistan.

    Photo: Uzbekistan’s banking sector records $31.7 mn net profit in January 2024 
    Source: Kursiv

    The banking system of the Republic of Uzbekistan saw a sharp increase in the volume of bad loans. This has compelled financial institutions to allocate more funds to reserves, impacting the final financial outcome. The provisions for potential losses on loans and leasing have risen by 19%.

    In addition, the banks’ operating expenses surged by 30.4%. This increase has led to a decrease in the banks’ non-interest income by 25.8%.

    The decrease in profits had a noticeable impact on the performance indicators of the banking system. The Return on Assets (ROA) has seen a y/y decline from 2.8% to 1.1%. Similarly, the Return on Equity (ROE) fell from 15.5% to 4.9%.

     

    In the first month of 2024, the banking sector’s loan portfolio contracted by 0.4% to UZS 469.6 trillion ($37.7 bn). Concurrently, the proportion of problem loans in the portfolio rose from 3.5% to 4.3%, representing an increase of UZS 3.4 trillion ($272.7 mn).

     

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    29.02.2024, 16:55   Comments (0)   1756
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