Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's commercial banks reported a 40.3% year-on-year increase in net profit to 15.26 trillion soums as of 1 October 2026, compared with 10.88 trillion soums a year earlier, according to the Central Bank of Uzbekistan.
Pre-tax profit rose by 34.8% to 17.44 trillion soums, while corporate income tax expenses increased at a considerably slower rate of 5.8% to 2.19 trillion soums.
Banks' interest income grew by 18.5% to 110.4 trillion soums, while interest expenses increased more rapidly, rising 21.4% to 79.2 trillion soums. As a result, the interest margin expanded by 11.8% to 31.3 trillion soums.
Non-interest income was the main contributor to profit growth. It increased by 44.3% to 76.2 trillion soums, outpacing the 32.7% rise in non-interest expenses to 26.5 trillion soums. Banks' net non-interest income increased 1.9-fold to 23.4 trillion soums.
The banking sector also recorded higher costs. Operating expenses rose by 27.3% to 26.3 trillion soums, while estimated losses on loans and leasing increased by 34% to 24.9 trillion soums. Estimated non-credit losses climbed by 42.9% to 12.3 trillion soums.
Profitability indicators improved during the reporting period. Return on assets (ROA) increased from 2.1% to 2.37%, while return on equity (ROE) rose from 11.8% to 14.1%.
However, the ratio of net interest margin to total assets declined from 4.53% to 4.24%, while the ratio of net interest income to assets fell from 4.3% to 3.99%.
The largest banks accounted for approximately two-thirds of the sector's total profit. Twelve banks with assets exceeding 30 trillion soums generated combined net profit of 10.3 trillion soums, representing 67.5% of the sector's total. Their return on equity stood at 12.35%.
Medium-sized banks recorded the highest returns on equity. Six banks with assets ranging from 3 trillion to 10 trillion soums achieved an ROE of 23.65%, while 11 banks with assets between 10 trillion and 30 trillion soums reported an ROE of 20.8%.
The latter group generated a combined profit of 3.93 trillion soums.
Meanwhile, the six smallest banks, each holding assets of up to 3 trillion soums, earned a combined 38.8 billion soums, with return on equity reaching just 1.96%.
