Tashkent, Uzbekistan (UzDaily.uz) — TBC Uzbekistan, the digital financial ecosystem within TBC Bank Group, reported a 46.5% year-on-year increase in total ecosystem payment volumes to 43.9 trillion soums in the third quarter of 2026. Its monthly active user base reached 6.1 million.
However, the Uzbekistan segment’s net profit fell 61.2% to 15.9 million Georgian lari (approximately US$6.1 million), amid an 18% increase in operating expenses and a 14.5% decline in net interest income, according to unaudited IFRS results published by TBC Uzbekistan and TBC Bank Group on 6 November 2026.
Payments and user base continue to grow
The ecosystem continued to expand its customer base. Registered users reached 25.5 million, while the number of active merchants increased by 48% year on year. Customers completed 198 million transactions during the quarter, up 39% from a year earlier. Payment volumes increased by 54% in US dollar terms.
US dollar equivalents in the report are based on the company’s exchange rates. Balance sheet figures were converted at the exchange rate as of 30 September 2026, at 2.6051 lari per US dollar, while profit and loss figures were converted using the average exchange rate for the relevant period.
Profit declines amid higher expenses and lower interest income
A year earlier, the segment’s net profit stood at 41.1 million lari (approximately US$15.2 million). Net interest income in the third quarter amounted to 125.0 million lari (approximately US$47.7 million). Net fee and commission income increased by 5.9% to 44.7 million lari (approximately US$17.0 million).
Operating expenses reached 92.4 million lari (approximately US$35.3 million). The cost-to-income ratio rose to 53.8%, compared with 41.5% a year earlier. Profit before tax fell to 13.9 million lari (approximately US$5.3 million) from 48.2 million lari (approximately US$17.8 million). Return on equity stood at 7.8%, down from 23.3%.
For the first nine months of 2026, the segment’s net profit totalled 57.3 million lari (approximately US$21.5 million), compared with 95.0 million lari (approximately US$34.5 million) a year earlier, representing a 39.7% decline. Net interest income for the period fell by 9.9% to 369.7 million lari (approximately US$138.7 million).
The report noted that the nine-month 2025 results included a one-off loan impairment charge of 24.6 million lari (approximately US$8.9 million) before tax.
Balance sheet: assets remain broadly stable, equity increases
As of 30 September, the segment’s assets totalled 3.47 billion lari (approximately US$1.33 billion). They increased by 0.2% year on year and by 1.9% during the quarter. Equity rose by 10.2% to 820.0 million lari (approximately US$314.8 million).
Customer deposits reached 1.49 billion lari, or approximately US$573 million, up 1.7% year on year and 2.8% quarter on quarter.
Funds raised from credit institutions declined by 9.9% to 973.6 million lari (approximately US$373.7 million).
Loan portfolio returns to growth but remains below last year’s level
Gross loans totalled 2.37 billion lari, or approximately US$910 million. The portfolio grew by 2.8% during the quarter, while excluding instant cash loans, growth reached 13%. However, it was 10.1% smaller than in September 2025. Net loans declined by 15.6% year on year to 2.07 billion lari (approximately US$793 million).
Instant cash loans accounted for 53% of the portfolio, business loans for 20%, point-of-sale (POS) loans and instalment financing for 14%, and credit cards and other products for 13%.
Loan portfolio quality deteriorates
The non-performing loan (NPL) ratio increased to 11.8%, compared with 4.7% a year earlier. NPLs amounted to 280.4 million lari (approximately US$107.6 million), with a reserve coverage ratio of 108.5%.
The cost of risk fell by 1 percentage point during the quarter to 10.8%. Net interest margin stood at 20.1%.
The investor presentation said the increase in the NPL ratio in the second quarter was largely related to an extension of the debt write-off period from 270 to 360 days.
Capital position remains well above regulatory requirements
TBC Bank Uzbekistan’s Tier 1 capital adequacy ratio stood at 21.4%, against a minimum requirement of 8.5%. The total capital adequacy ratio was 21.7%, compared with a minimum requirement of 12%.
The bank’s regulatory capital amounted to 541.2 million lari (approximately US$207.7 million), while risk-weighted assets totalled 2.50 billion lari (approximately US$958 million).
TBC Group CEO Vakhtang Butskhrikidze said lending growth in Uzbekistan was gradually recovering as the portfolio was adjusted to meet regulatory requirements. He added that rules governing automatic debt collection were expected to take effect in early 2027.
Retail customer base grows fastest in the regions
The number of retail customers increased most rapidly in Samarkand Region, rising by 28% year on year. Growth reached 27% in Namangan Region and 26% in both Surkhandarya and Andijan regions.
In Tashkent Region, Navoi, Jizzakh and Syrdarya regions, as well as the Republic of Karakalpakstan, penetration of the ecosystem’s services was already higher than in the capital.
Salom and Osmon cards
The number of TBC Salom debit cards issued increased by 106% year on year to 1.5 million. More than 241,000 TBC Osmon credit cards had been issued, up 176% from a year earlier.
The Salom card is now available on the UZCARD, Humo and Visa networks. As of 30 September, Salom accounts held 5.8% of the deposit portfolio, which totalled 6.7 trillion soums.
Business customer base increases fivefold
The number of business customers registered in the ecosystem grew fivefold year on year, with 84% based outside Tashkent. Just over half operate in wholesale and retail trade, followed by manufacturing, information and communications technology, agriculture and education.
Transactions worth more than 7.8 trillion soums were processed through the BILLZ platform, while the number of brands on the platform exceeded 4,800, up 53% year on year.
SoftPOS was launched during the quarter, allowing merchants to accept card payments on smartphones without dedicated POS terminals. BILLZ also became available to grocery stores.
TBC Biznes’ payroll project, launched in July, enables employees of participating companies to become Salom cardholders. The launch of business cards for TBC Biznes customers is planned for the coming months.
New ecosystem services
Subscriptions to ecosystem services increased by 120% to 1.2 million. TBC plus and payme plus subscriptions were combined into a single offering.
TBC Avto, launched in May, issued 340 loans, with its portfolio reaching 75.4 billion soums.
Sales turnover of airline tickets through payme travel rose to 5.6 billion soums, up 96% from the second quarter. One in five tickets was purchased through instalment financing or deferred payment. International tours and eSIM services were also added to payme travel.
Microfinance organisation TBC Credit began active operations in February 2026. According to the Central Bank, it ranked third among the country’s 142 microfinance organisations by assets.
Novvot loyalty programme and AI assistant
In October, the ecosystem launched its Novvot loyalty programme. Customers earn Novvot points, known as navats, which can be spent in the ecosystem’s apps and at Novvot Shop. The programme initially covers TBC Bank and payme, with plans to extend it to all ecosystem products.
The AI assistant Lola handles around 120,000 customer enquiries per month without operator involvement and resolves approximately half of incoming chats.
OLX Uzbekistan joins the ecosystem
Following the completion of the acquisition in July, OLX Uzbekistan began integrating into the ecosystem. Dmitry Puchkov was appointed the platform’s new CEO. Doniyor Turgunov, who headed OLX Uzbekistan for 10 years, retains a key role in its management.
OLX will continue operating as an independent classifieds platform under its own brand.
Management comments
TBC Uzbekistan CEO Nika Kurdiani said: “The business segment is growing steadily and becoming an increasingly important part of the ecosystem: the number of active merchants increased by 48% year on year, while business loans accounted for 20% of the total loan portfolio.”
