As of January 1, 2025, the volume of non-performing loans (NPLs) in the country’s banking sector reached UZS 21.2 trillion ($1.6bn), marking an increase of UZS 4.5 trillion ($346.6mn) or 27.5% over the year, according to the Central Bank of Uzbekistan.
The volume of NPLs in state-owned banks totaled UZS 14.34 trillion ($1.1bn), with varying performance across institutions. Xalq Banki managed to reduce its NPLs by UZS 601bn ($46.3mn), lowering its share of problem loans in its portfolio from 7.6% to 4.2%. Microcredit Bank and Business Development Bank also achieved slight reductions in their NPL volumes.
However, NPLs grew sharply in Agrobank, where the increase reached UZS 832bn ($64.1mn), Uzsanoatqurilishbank (also known as SQB) with a rise of UZS 561bn ($43.1mn), and National Bank of Uzbekistan, which saw an increase of UZS 177bn ($13.6mn).
Non-performing loans in private and other banks rose by UZS 3.49 trillion ($268.8mn), reaching UZS 6.84 trillion ($526.8mn) by the year’s end.
A sharp rise was observed in Ipoteka Bank, where NPLs increased by UZS 1.84 trillion ($141.7mn), and in Kapitalbank, which saw an increase of UZS 1.06 trillion ($81.6mn).
Other rises were reported in Hamkorbank (+ UZS 219bn ($16.8mn)), Anorbank (+ UZS 104bn ($8mn)), Davr Bank (+ UZS 102bn ($7.9mn)), Trustbank (+ UZS 95bn ($7.3mn)), and TBC Bank (+ UZS 87bn ($6.7mn)). Meanwhile, Octobank eliminated UZS 212bn ($16.3mn) of problem loans, showing positive progress.
In 2024, the total credit portfolio of Uzbekistan’s commercial banks increased by UZS 61.7 trillion ($4.8bn), or 13%, reaching UZS 533.1 trillion (41.1bn). Despite this growth, the share of NPLs in the total loan portfolio increased from 3.5% at the beginning of 2024 to 4% by year-end, reflecting growing risks within the sector.
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