Moody’s Affirms Hamkorbank Ratings with Positive Outlook

Tashkent, Uzbekistan (UzDaily.com) — International rating agency Moody’s has affirmed Hamkorbank’s credit ratings, including its Baseline Credit Assessment (BCA) at b1, long-term bank deposit ratings at B1, short-term ratings at NP, and counterparty ratings at Ba3/NP. The outlook on the bank’s long-term deposits was revised from “stable” to “positive.”

The affirmation and revised outlook reflect Hamkorbank’s resilient financial profile, surpassing that of most local peers. Stability is supported by a strong asset structure, capital growth, high profitability, reliable funding, and adequate liquidity. Moody’s expects these indicators to be maintained over the next 12–18 months, assuming favorable economic conditions in Uzbekistan.

Asset quality remains high, with Stage 3 non-performing loans at approximately 2.2% at the end of 2025, up slightly from 2.1% in 2024, while Stage 3 coverage increased from 60% to 69%. The bank’s diversified credit portfolio, focused on small and medium-sized enterprises and retail loans, alongside conservative lending standards, contributes to its stability.

Hamkorbank’s capital grew to 7.0 trillion soums from 5.5 trillion soums in 2024, and the TCE/RWA ratio rose from 16.5% to 18.5%, providing strong loss absorption capacity. Profitability remains robust, with IFRS-based net income reaching 1.8 trillion soums in 2025, up from 1.5 trillion in 2024, representing a net income to tangible assets ratio of approximately 5.0%.

Funding structure is stable, primarily composed of client deposits and long-term borrowings from international financial institutions, while liquid assets account for roughly 28% of total assets at year-end.

Moody’s anticipates continued strengthening of Hamkorbank’s credit profile and sustained high levels of asset quality, capital, and profitability over the next 12–18 months. Any potential rating upgrades will depend on the persistence of these metrics and improvements in the operational environment, with downgrades deemed unlikely under the current strategy.