Fitch Ratings agency predicts that Uzbekistan's banks will maintain stable financial indicators in 2026, driven by economic growth. This was stated in the organization's report.
According to the agency's base scenario, the volume of non-performing loans (NPLs) in the country's banks is expected to continue increasing, which may exert pressure on the sector's profitability. At the same time, additional state support for banks with government ownership will help strengthen their capital.
The Fitch report emphasized that ongoing reforms in the banking sector are expected to positively impact financial indicators in the future. It also highlighted the issue of privatizing state-owned banks.
The agency anticipates that next year the government will adopt a clear strategy for selling its shares in financial institutions, such as "Uzpromstroybank" (O‘zsanoatqurilishbank). "The prospects for selling shares in other state-owned banks are expected to materialize over a longer period," the report noted.
Regarding the bank deposit market, it is forecasted to grow by 20-25% in 2026. This growth will be influenced positively by rising household incomes, government efforts to reduce the shadow economy, and an increased level of digitalization.
However, Uzbekistan's banks will continue relying on external borrowing due to the lack of long-term resources in the national currency. Fitch forecasts that major state-owned and private banks will increasingly issue Eurobonds, taking advantage of favorable market conditions.
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