Uzbek banks’ net profit in Q1, 2024 stood at 2.4 trillion UZS, 187 million USD, marking a 22.3% decline to the same period in 2023, KAP DEPO said on Tuesday in a report.
NBU was the best improver with its share in the sector's profit rising from 14% in 2023, to 19.5% Q1, 2024.
Despite the overall decrease in net profit, the interest revenues witnessed a surge, rising by 37.4% to UZS 25.9 trillion ($2.03 bln). Similarly, non-interest income saw a moderate rise, reaching UZS 13.0 trillion ($1.02 billion).
Furthermore, both the loan and deposit portfolios demonstrated growth trend. The loan portfolio expanded by 17.1% year-on-year, reaching UZS 478.2 trillion ($38 billion), indicating increased lending activities by banks. Similarly, the deposit portfolio saw a growth of 18.0%, totaling UZS 243.1 trillion ($19.1 billion), highlighting robust savings behavior among consumers.
Among the big players, Kapitalbank which held to its position as one of the largest private banks, securing the second spot after NBU. The slight difference in profit between the two banks, topping UZS 87 billion ($7 million), underscores the competitive landscape and the ongoing efforts of banks to optimize performance and enhance profitability.
