As of the results for the third quarter of 2025, Uzbekistan's banks successfully increased their assets by 12.7%, credit portfolios by 9.2%, and deposits by 20.3%. Net profit grew by 34.7% year-on-year.
During this period, the national currency, the som, strengthened by 6.4%. However, this appreciation did not equally impact banks' performance.
For instance, one of the largest banks, the National Bank of Uzbekistan, reported a 3% reduction in its credit portfolio. The dedollarization process in the banking system continues.
As of October 1, 2025, the share of loans in US dollars decreased from 44% to 39% year-on-year, while the share of deposits in US dollars fell from 27% to 23%. Nevertheless, some banks continue to maintain a significantly higher share of foreign currency portfolios.
For example, the dollar share in the National Bank's credit portfolio exceeds 60%. The bank's total credit portfolio decreased by 3.2 trillion som, or 3%, since the beginning of the year.
The som's appreciation reduced the National Bank's dollar-denominated portfolio in som equivalents from 69.3 trillion som to 64.9 trillion som. Conversely, loans issued in som increased from 38.7 trillion som to 40 trillion som. As a result, the overall credit portfolio declined.
Tenge Bank (down 10.2%) and Asia Alliance Bank (down 3.1%) also reported reductions in their credit portfolios.
Uzum Bank's relative indicators dropped by 48.7%, though this amounted to just 64 billion som. On the other hand, Agrobank demonstrated significant growth by increasing its credit portfolio by 17.6 trillion som. Agrobank now ranks second in the republic in terms of credit portfolio size, surpassing SQB, which held this position at the beginning of the year.
Agrobank’s annual target was set at 65 trillion som, but by October 1, its performance reached 77 trillion som. The share of non-performing loans decreased from 4% to 3.7% during the first nine months of 2025.
This reduction was driven by the overall growth in the credit portfolio. Ipoteka Bank led in cutting non-performing loans, reducing them by 1.4 trillion som.
The share of non-performing loans at Ipoteka Bank fell to 6.3%. Agrobank and the Development Bank of Uzbekistan also reduced their non-performing loan shares to 3.4% and 5.9%, respectively.
In terms of deposits, the National Bank reported an increase of 12.4 trillion som, Agrobank expanded by 9.4 trillion som, and SQB saw growth of 6.1 trillion som. The National Bank's deposit base primarily grew due to contributions from legal entities.
Agrobank, however, led in attracting individual deposits, increasing them by 3.7 trillion som. Combined bank profits in the first nine months of 2025 amounted to 10.9 trillion som, reflecting a 34.7% increase compared to the same period last year.
SQB (+584.3 billion som) and Hamkorbank (+226.7 billion som) recorded significant growth. The National Bank led in net profit with 1.45 trillion som.
Some newer banks are still operating at a loss. The highest loss was reported by Yangi Bank, at 95.4 billion som.
However, some new players, such as AVO Bank, turned profitable in 2025, achieving a net profit of 0.4 billion som.
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