CERR Publishes Updated Bank Rankings: Competition Intensifies and Market Dynamics Shift in the Mid-Segment

Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) has released its updated ranking of commercial banks in Uzbekistan for the fourth quarter of 2025, based on the "Bank Activity Index."

The results indicate that most financial institutions have maintained stable positions, reflecting an overall increase in the competitiveness of the banking sector. At the same time, the mid-market segment has experienced noticeable reshuffling among participants.

The study covers 35 commercial banks, including 20 classified as large—based on scale of operations and branch network—and 15 small banks. The ranking methodology relies on the analysis of 27 key indicators, benchmarked against national averages and international standards, including requirements of the Basel Committee on Banking Supervision.

The ranking serves as an important tool to enhance transparency and strengthen confidence in the financial system, aligning with best international practices adopted by leading financial institutions.

Financial Results for Q4 2025

As of the reporting period, total assets in the banking sector reached 892.9 trillion soums (US$74.2 billion), with liabilities at 759.8 trillion soums (US$63.1 billion). Lending volume increased by 13%, while deposits grew by 31%. The share of foreign currency transactions declined, highlighting the strengthening role of the national currency. Net profit of the banking sector reached 13.5 trillion soums (US$1.1 billion), a 57.1% increase compared to the same period last year.

Asset quality also improved, with the share of non-performing loans decreasing to 3.5% from 4.3% a year earlier, though some banks still report higher-than-average levels. Capital adequacy indicators on average exceed the minimum regulatory requirements by more than 1.4 times, underscoring the sector’s stability.

Activity of Large Banks

The activity ranking of large banks for Q4 2025 shows that sector leaders largely retained their positions, with limited changes in the top tier. The most notable growth was demonstrated by Uzpromstroybank, which moved up three positions. Positive dynamics were also observed at Davr Bank, Orient Finance Bank, Halk Bank, and Ipoteka Bank.

Meanwhile, only two large banks recorded a decline in activity: Invest Finance Bank and Aloka Bank fell four and three positions, respectively. Overall, 13 banks maintained their rankings, reflecting their ability to sustain operational efficiency, adequate liquidity, asset quality, and resilience amid increasing competition.

Key Indicator Changes

In terms of financial intermediation, Tenge Bank and Ipak Yuli Bank saw declines, losing four and three positions, respectively. National Bank, Asia Alliance Bank, Anor Bank, BRB, and Microcreditbank each dropped one position.

For financial accessibility, a one-point decline was noted for Orient Finance Bank, Halk Bank, Agrobank, BRB, and Ipoteka Bank.

Regarding asset quality, six large banks experienced deteriorating positions. Agrobank recorded the largest drop with a decline of three positions, while National Bank, Trust Bank, Anor Bank, Aloka Bank, and Asaka Bank each lost two positions.

Despite overall sector profit growth, profitability declined for National Bank and Anor Bank, which fell two and one position, respectively. Weaknesses in management efficiency were observed at Microcreditbank and Anor Bank, both losing two positions.

Liquidity indicators deteriorated for nearly one-third of large banks. Davr Bank saw the steepest decline, falling six positions, while Agrobank ranked last on this indicator.

Activity of Small Banks

Among small banks, relative stability persists. Leading banks maintained their positions, while most changes occurred in the mid-segment, where several banks improved through stronger financial intermediation and higher profitability.

Six of the 15 small banks, including the ranking leader Universal Bank, retained their positions. Five banks saw declining activity, with Ziraat Bank experiencing the largest drop of three positions.
At the same time, Apex Bank improved its standing, climbing three spots in the overall ranking. Positive dynamics were also observed at AVO Bank and Madad Invest Bank, each gaining two positions, while Okto Bank rose one position to secure third place in the group.