Tashkent, Uzbekistan (UzDaily.uz) — Total assets of Uzbekistan's commercial banks reached 1,044.8 trillion soums as of 1 October 2026, an increase of 20.5% from 866.8 trillion soums a year earlier, according to the Central Bank of Uzbekistan.
Banks without state ownership recorded the fastest asset growth, expanding their balance sheets by 36.2% to 410 trillion soums.
By comparison, assets held by banks with state participation increased by 12.2% to 634.9 trillion soums.
As a result, the share of banks without state ownership in total banking system assets rose from 34.7% to 39.2%, indicating a growing contribution from the private banking segment.
Foreign Currency Assets Decline as a Share of Total Assets
The foreign currency component of bank balance sheets continued to decrease in relative terms.
Foreign currency-denominated assets increased by just 6% year on year to 352.7 trillion soums.
Their share of total banking assets fell from 38.4% to 33.8%, reflecting slower growth than in the banking system's overall asset base.
Loan Portfolio Expands, but Securities Investments Grow Faster
Loans remained the largest component of commercial bank assets.
The net loan portfolio increased by 13.1% to 638.1 trillion soums, although its share of total assets declined from 65.1% to 61.1%.
The reduction in the relative weight of lending was largely attributable to substantially faster growth in investments and securities.
Bank holdings of investments and securities surged by 93.4% over the year to 155.6 trillion soums, nearly doubling.
Consequently, their share of total banking assets increased from 9.3% to 14.9%.
Funds held by commercial banks at the Central Bank rose by 33.7% to 36.2 trillion soums.
Cash holdings increased by 11.7% to 30 trillion soums, while accrued interest receivable climbed by 47.2% to 39.1 trillion soums.
Meanwhile, claims on non-resident banks declined by 18.8% to 44.9 trillion soums.
Claims on resident banks also decreased, falling by 3.2% to 29.2 trillion soums.
Bank Liabilities and Capital Continue to Increase
On the liabilities and equity side of the balance sheet, total bank liabilities increased by 21.1% to 891.9 trillion soums.
The banking system's equity capital rose by 17.3% to 152.9 trillion soums.
These figures show that the expansion of banking assets was accompanied by growth in both liabilities and capital.
Twelve Banks Hold Nearly 79% of Total Assets
Uzbekistan's banking system remains highly concentrated, with the largest institutions accounting for the overwhelming majority of assets.
Of the country's 35 operating commercial banks, 12 held assets exceeding 30 trillion soums each as of 1 October 2026.
Together, these banks controlled 821.9 trillion soums, equivalent to 78.7% of total banking system assets.
Another 11 banks had assets ranging from 10 trillion to 30 trillion soums, with combined holdings of 181.5 trillion soums.
Six banks held between 3 trillion and 10 trillion soums in assets, collectively accounting for 34.2 trillion soums.
The six smallest banks, each with assets below 3 trillion soums, held a combined 7.2 trillion soums.
The Central Bank's figures highlight continued expansion of Uzbekistan's banking sector, particularly among privately owned institutions, alongside a shift in asset composition towards investments and securities.
Despite the faster growth of smaller and privately owned banks, the sector remains dominated by a relatively small group of large financial institutions.
