The assets of Uzbekistan's commercial banks amounted to UZS 690.4 trillion ($54.8bn) as of July 1, marking an increase of $9bn, or 16.4% compared to the same period in 2023, the Central Bank of Uzbekistan reports.
Key drivers of asset growth
- Increased deposits: The deposits in Uzbekistan’s commercial banks saw substantial growth. As of July 1, the total deposits amounted to UZS 265.4 trillion ($21bn). This influx of deposits provided banks with more capital to invest and expand their asset base.
- Expansion of loan portfolios: The loan portfolios of the banks expanded significantly, reaching UZS 493.9 trillion ($39.2bn). This increase in lending activities was a major driver of asset growth, as banks continue to support various sectors of the economy.
The state-owned banks issued loans totalling UZS 345.5 trillion ($27.3 billion) during this period, while loans from other banks amounted to UZS 148.4 trillion ($11.7 bn).
Within the state-owned sector, the National Bank of Uzbekistan led with loans amounting to UZS 101.6 trillion ($8bn). Uzpromstroybank followed with UZS 60.3 trillion ($4.7bn), and Agrobank with UZS 59.3 trillion ($4.6bn).
Among other banks, Ipoteka Bank had the highest loan volume at UZS 35.6 trillion ($2.8bn), followed by Kapitalbank with UZS 29.3 trillion ($2.3bn) and Hamkor Bank with UZS 17.9 trillion ($1.4bn).
- Economic stability and growth: Uzbekistan’s steady economic growth has provided a conducive environment for the banking sector to thrive. The government’s economic policies and reforms bolstered investor confidence and spurred financial activities.
The growth in Uzbekistan’s commercial banks’ assets highlights the positive impact of increased deposits, expanded loan portfolios, and a stable economic environment, reflecting a thriving banking sector.
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