Uzbekistan's banking sector records asset growth

The assets of Uzbekistan's banking sector reached the mark of 648.6 trillion soums ($51.3 billion) as of March 1, 2024, which is 15 percent higher year-on-year, Trend reports.

As per the data of the Central Bank of Uzbekistan, foreign currency accounts for 44 percent, or 285.3 trillion soums ($22.5 billion), of the total assets.

The volume of credit investments by banks in Uzbekistan grew by 19 percent during the reporting period and amounted to 472.4 trillion soums ($37.4 billion). Of the total volume of credits, 44 percent, or 210.1 trillion soums ($16.6 billion), falls on foreign currency.

Bank deposits reached 237.9 trillion soums ($18.8 billion) by March 1, 2024, which is 13 percent more year-on-year. Deposits in foreign currency exceeded 68.1 trillion soums, or $5.3 billion (29 percent of total loans).

The total capital of the banking sector of Uzbekistan totaled 99.05 trillion soums ($7.8 billion) as of March 1, 2024, which represents an increase of 21 percent cover year (400 billion soums or $31.6 million in foreign currency).

Meanwhile, the loan portfolio of microfinance organizations in Uzbekistan has almost doubled over the past year.

The loan portfolio of non-bank credit organizations has grown from 4.24 to 8.05 trillion soums (from $336.4 million to $638.7 million) over the past 11 months, and their share in the total banking and financial system has grown from 1 to 1.7 percent.