The Center for Economic Research and Reform has released its latest Banking Activity Index for the first quarter of 2024, providing insights into the performance and trends within Uzbekistan's banking sector, as it was disclosed by Spot.
Asset Growth and Composition
As of March 1, 2024, the total assets of Uzbekistan's banking system reached UZS 648.6 trillion ($51.2 bn), reflecting a year-on-year increase of 15.4%. The loan portfolio amounted to UZS 472.4 trillion ($37.3 bn), while problem loans constituted UZS 20.9 trillion ($1.7 bn), equivalent to 4.4% of the total loan volume.
Liabilities stood at UZS 549.6 trillion ($43.4 bn), with deposits contributing UZS 237.9 trillion ($19 bn). Notably, the share of foreign currency deposits declined to 29% compared to previous periods. Additionally, the proportion of deposits held by individuals increased to 36%, marking a notable rise from the previous year's figure of 30%.
Performance of State-Owned Banks
State-owned banks continue to play a significant role in Uzbekistan's banking sector, accounting for approximately two-thirds of total assets (UZS 437 trillion, which is $34.5 bn), 70% of the loan portfolio (UZS 331.2 trillion, which is $26.1 bn), and half of the deposits (UZS 120.6 trillion, which is $9.5 bn).
Asia Alliance Bank secured third place, with improvements in asset quality and capital adequacy (+1). Hamkorbank slipped to fourth place. Ipak Yuli advanced to fifth place, bolstering intermediation (+1), asset quality (+5), and returning to fifth place ahead of Invest Finance Bank. Xalq Banki regained two positions, while NBU rose one place to 12th.
Performance of Small Banks
In the small banks category, Universalbank claimed the top spot, driven by growth in financial inclusion, asset quality (+3), and management quality (+2). TBC UZ maintained its position in the top three, while Anorbank reached 4th place. Octobank rose to 6th place, surpassing Tenge Bank. UzKDB and AVO bank secured 9th and 11th place, respectively. Hayotbank debuted at 12th place, ahead of Yangi Bank and Madad Invest Bank, which experienced a decline of four places.
Earlier Daryo reported that S&P Global Ratings has recently confirmed Kapitalbank's credit rating at 'B' with a stable outlook.
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