Tenge Bank disclosed its financial performance for 1Q24, revealing losses amounting to UZS 7.3 bn (nearly $576,000), KAP DEPO Investment Company reports. This figure stands in stark contrast to the corresponding period in 2023, during which the bank incurred losses of UZS 31.2 bn ($2.4 mn). However, it is noteworthy that 3Q24 of the previous year witnessed profitability for the institution, with gains totalling UZS 21.8 bn ($1.7 mn).
As of the beginning of March 2024, Tenge Bank's loan portfolio reached a sum of UZS 4 trillion ($315.4 mn), representing an annual growth rate of 48.4%. Over the same period, the proportion of problem loans within the portfolio exhibited a marginal increase, rising from 3.4% to 3.5%.
Tenge Bank's standing within the realm of small banks in Uzbekistan saw a slight decline, as indicated by its seventh-place position out of 14 in the activity rating for 1Q24. This shift denotes a drop of one position from its previous standing.
In contrast to Tenge Bank's recent performance, Kapitalbank experienced considerable growth in 2023. The bank's net profit surged by 77% during that year, accompanied by an 80% expansion of its loan portfolio. Moreover, Kapitalbank demonstrated an improvement in the quality of its loan portfolio, with the share of problem loans reduced to 1.65%.
Kapitalbank's financial achievements in 2023 underscore its robust performance within the sector. The bank reported a net profit of UZS 1.6 trillion (approximately $128 mn), with a loan portfolio amounting to UZS 29.7 trillion ($2.3 bn). Furthermore, total deposits from both individuals and legal entities reached UZS 33.6 trillion ($2.7 bn). Notably, Kapitalbank's return on equity rose to 50.8%, reflecting an increase from the previous year's figure of 49.3%.
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