NBU named Uzbekistan's most profitable bank in 2024

Many local banks in Uzbekistan are state-owned and function as development institutions rather than purely commercial entities. This substantial state support makes it difficult to assess their profitability under purely market conditions.

Top 10 Most Profitable Banks in 2024:

1. NBU – 1.72 trillion UZS

2. Hamkorbank – 1.42 trillion UZS

3. Uzsanoatqurilishbank – 1.3 trillion UZS

4. Kapitalbank – 1.15 trillion UZS

5. Ipak Yuli Bank – 910.5 billion UZS

6. Orient Finance Bank – 901.1 billion UZS

7. Trustbank – 807.4 billion UZS

8. KDB Bank – 526.9 billion UZS

9. Asia Alliance Bank – 400.6 billion UZS

10. Davr Bank – 389.9 billion UZS

Mid-tier banks (profits between 200–350 billion UZS):

• TBC Bank – 341 billion UZS

• Xalq Bank – 268.5 billion UZS

• InfinBank – 241.7 billion UZS

Banks earning between 50–200 billion UZS:

• Anor Bank – 190.3 billion UZS

• Aloqabank – 190 billion UZS

• Universal Bank – 156.1 billion UZS

• Octobank – 150.7 billion UZS

• Uzum Bank – 85.9 billion UZS

• Ziraat Bank – 79.5 billion UZS

• Agrobank – 69 billion UZS

Banks with profits below 50 billion UZS:

• Asakabank – 41.6 billion UZS

• Tenge Bank – 36.2 billion UZS

• Saderat Bank – 25 billion UZS

• Turonbank – 23.2 billion UZS

• Poytakht Bank – 15 billion UZS

• Mybank (formerly Madad Invest Bank) – 7 billion UZS

• Smart Bank – 2.1 billion UZS

Banks that reported losses:

1. Hayot Bank – 22.5 billion UZS

2. Yangi Bank – 31.9 billion UZS

3. Eurasian Bank – 39.1 billion UZS

4. Garant Bank – 64.3 billion UZS

5. Apex Bank – 75 billion UZS

6. AVO Bank – 93.3 billion UZS

7. Ipoteka Bank – 240.2 billion UZS

8. Microcreditbank – 1.7 trillion UZS

9. Business Development Bank – 2.2 trillion UZS

State banks lead in losses due to problematic loans

The two biggest loss-makers were state-owned banks:

• Business Development Bank – 2.2 trillion UZS loss

• Microcreditbank – 1.7 trillion UZS loss

In a January 22 press meeting, state bank representatives attributed their losses to problematic loans (NPLs), mainly issued to legal entities. As a result, these banks were forced to create reserves from their capital—the higher the overdue loans, the greater the required reserves.

Recovery plans for 2025

Both Business Development Bank and Microcreditbank plan to return to profitability in 2025 by recovering overdue debts:

• Business Development Bank aims for 1 trillion UZS in profit.

• Microcreditbank targets 112 billion UZS in profit.