Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) has released an updated ranking of banks based on the Financial Institutions Activity Index, which evaluates the current standing and progress of the country's largest commercial banks.

The updated Bank Activity Index for the second quarter of 2025 covers 35 commercial banks in Uzbekistan, including 20 large and 15 small banks. CERR has been calculating this index since 2021 to assess the transformation of the banking sector and to promote transparency and financial inclusion. The methodology relies on 27 indicators grouped into seven key areas: financial inclusion, financial intermediation, asset profitability and credit portfolio quality, return on equity, management efficiency, liquidity, and asset quality.

The index reflects both operational and structural aspects of banks' activities and evaluates their performance within the market environment. The consolidated ranking offers an overall snapshot based on a composite evaluation across each sub-index.

As of the first half of 2025, the total assets of Uzbekistan’s banking system grew by 21% compared to the same period last year. However, asset growth showed divergence among different bank groups. State-owned banks experienced an average growth of 17%, with the most notable increases seen at Aloqa Bank (39%) and Microcreditbank (36%).

Private banks demonstrated more pronounced growth, with total assets expanding by 28%, largely due to new market entrants such as Hayot Bank (419%), Smart Bank (233%), and Yangi Bank (223%), which is typical of the early stages of scaling operations.

Large Bank Activity Ranking — Q2 2025

Capitalbank retained the top spot in the overall ranking. Trustbank showed the most dynamic growth, climbing three positions to take second place. Hamkorbank (3rd) and Asia Alliance Bank (4th) maintained their strong performance. Anor Bank, which entered the large bank group, took 5th place despite a one-position drop.

Invest Finance Bank strengthened its position by rising three places to 8th. Tenge Bank and UzNationalBank each climbed one place, reaching 14th and 16th, respectively.

At the same time, about one-third of the large banks saw a decline. Davr Bank and Uzpromstroybank each dropped one place, while Aloqa Bank and Agrobank fell by two positions each.

Other banks maintained their positions compared to the previous quarter, reflecting intensifying competition across several key performance metrics.

Under the financial intermediation indicator — which assesses the ratio of deposits to issued loans and liabilities to other banks and the government — Ipak Yuli Bank showed the largest decline, falling six places, possibly due to reduced lending activity.

In terms of financial inclusion — which measures the number of clients per branch, credit portfolio concentration, and private sector lending — several banks saw declines. Ipoteka Bank dropped three positions, while Anor Bank and Agrobank each lost two. Ipak Yuli Bank and Asaka Bank slipped by one place each.

For asset quality — calculated using return on assets (ROA) and non-performing loan (NPL) ratios — Ipoteka Bank remained in last place. Significant declines were also recorded by Davr Bank (down four positions), Capitalbank and Anor Bank (down two each), and Asaka Bank (down one). Agrobank ranked 20th overall in terms of profitability. Tenge Bank and Anor Bank each dropped two positions in this category.

Microcreditbank held the lowest position in terms of management efficiency. Negative dynamics were also observed at BRB Bank (down three positions), Aloqa Bank (down two), and four other commercial banks (down one each).

Liquidity ratings also declined for several major banks. Agrobank dropped three positions, ending last. Anor Bank experienced an even sharper decline, falling five places. Capitalbank, Trustbank, and Hamkorbank each lost two positions. However, Uzpromstroybank improved its liquidity ranking by five positions.

Small Bank Activity Ranking — Q2 2025

Among small banks, Universal Bank, Hayot Bank, TBC Bank, and Oktobank maintained their top-four rankings, reflecting the resilience of their operational models despite market volatility and competitive pressure.

One-third of small banks improved their positions compared to the previous quarter. The most notable growth came from Madadinvest Bank, which rose three positions to 11th place.

Conversely, five banks showed a decline in performance. The most significant drop was recorded by Yangi Bank, suggesting weakening operational indicators.

The latest results of the Financial Institutions Activity Index reflect increasing competition among both large and small banks in Uzbekistan. Continuous monitoring of such indicators remains a key tool for evaluating the resilience and development dynamics of the financial sector.