Uzbek banks ended 2024 with a net profit of 6 trillion 966 billion soums, $ 540 million, by almost 44 % down to the last year. According to Bankers.uz, banks in which the government holds stakes ended the year with a total loss of 317.2 billion soums. This was mainly due to the huge losses of Microcreditbank (-1.7 trillion soums) and Business Development Bank (-2.2 trillion soums). Also, the net profit of Aloqabank, Agrobank and Asakabank declined sharply compared to 2023.
Two state-owned banks - Uzsanoatqurilishbank and Uzmilliybank - were listed in the TOP-10 in terms of net profit. Uzsanoatqurilishbank received a net profit of 1.3 trillion soums, an increase of almost 43 % to 2023. Also, Uzmilliybank (+0.3 %) and Xalq Bank (+8.1 %) recorded a small, albeit significant, profit.
Private banks, on the other hand, recorded a total net profit of 7.3 trillion soums during the year. Among private banks, Hamkorbank was on top with 1.42 trillion soums of net profit, followed by Kapitalbank (1.16 trillion soums). In addition, the profits of Ipak Yuli Bank (910.5 billion soums) and Orient Finans Bank (901.1 billion soums) also surpassed 900 billion soums.
The highest profit growth compared to 2023 was observed at TBC Bank (+748.5%). At the same time, there was a sharp increase in the results of Octobank (+101.7 %) and Uzum Bank (+121.4 %).
While, seven private banks ended the year with a loss. The Ipoteka bank suffered a loss of more than 240 billion soums in 2024. While in 2023 it made a 800 billion soums of net profit.
For information, the total net profit of 35 banks in Uzbekistan in 2023 topped almost 12 trillion 373 billion soums, an increase of 2.4 times compared to 2022.
