The second quarter of 2026 was marked by stable development in the banking sector, despite a slowdown in asset growth rates. Concurrently, there was an increase in the deposit base and profitability, a reduction in the level of non-performing loans and dollar exposure, as well as the maintenance of a high capitalization level.
New Bank Rating
The Center for Economic Research and Reforms presented an updated bank rating based on the 'Bank Activity Index' for the second quarter of 2026. The study included 34 commercial banks in the republic. For comparative assessment, banks were divided into two groups: 20 large and 14 small.
The index was calculated based on 27 sub-indicators, grouped into 8 areas. These indicators cover aspects such as financial intermediation and accessibility, capital adequacy, asset quality, management efficiency, income potential, and liquidity.
Comparison with International Standards
Indicators were compared against both the average values of the banking system and international norms, including the requirements of the Basel Committee on Banking Supervision. This approach aligns with international practice and is used by leading financial institutions.
Sector Financial Indicators
As of June 1, 2026, the assets of the banking system reached 984.4 trillion sums, which is 19% higher than the previous year. The volume of liabilities increased by 18.4%, totaling 838.8 trillion sums. The market structure remained relatively unchanged: 62.7% of total assets and 66.1% of the loan portfolio belong to state banks.
Deposit growth rates outpaced lending rates. Over the year, the loan volume grew by 12%, while deposits increased by 33%. This contributes to strengthening the stability of the banking system and maintaining a high level of liquidity.
Comparison of State and Private Banks
Private banks showed a higher level of loan portfolio coverage by deposits. If state banks attracted 57 sums in deposits for every 100 sums of loans, this figure reached 103 sums in private banks. This indicates a higher dependence of state banks on other sources of funding.
Profitability and Asset Quality
The financial results of the banking sector significantly improved. Net profit grew by 66.7%, reaching 8.5 trillion sums. The main contribution to this was the 2.5-fold increase in the banking system's interest margin, which amounted to 15.8 trillion sums.
Return on Assets (ROA) rose from 1.9% to 2.4%, and Return on Equity (ROE) increased from 10.3% to 14.5%. The share of highly liquid assets increased from 4.2% to 21.6%.
The share of non-performing loans decreased from 4.1% to 3.7%, indicating an improvement in the quality of the loan portfolio. Nevertheless, the NPL level remains relatively high in some state and private banks.
Currency Exposure and Capital
The decline in the degree of dollar exchange in banking operations also continued. The share of foreign currency loans decreased from 41% to 39%, and the share of foreign currency deposits fell from 24% to 19%. Capital adequacy indicators are maintained at a level that exceeds minimum requirements by 1.5 times.
Dynamics of Large Banks Rating
Based on the second quarter of 2026, the positions of 12 institutions changed among the 20 large banks. Of these, 7 improved their positions, 5 worsened, and 8 maintained their previous rank. The rating dynamics were determined by changes in individual components of the Index.
Financial accessibility made the largest positive contribution. However, in several cases, asset quality and liquidity limited the banks' ascent. The top three places remained unchanged, and the main reshuffling occurred in the lower third of the rating.
Changes by Area
In terms of financial accessibility, activity increased in 12 large banks, while 4 lost ground. The largest growth was noted in 'Hamkorbank', 'Infibank', 'Uzsonatkurilishbank', and 'Turonbank', each rising by 2 ranks. 'Microcreditbank', conversely, dropped by 11 ranks.
Regarding financial intermediation, 7 large banks improved their positions, while 9 worsened. 'Orient Finance Bank' rose by 10 ranks, and 'Turonbank' by 5. The largest drop was recorded in 'Microcreditbank', which fell by 10 ranks.
In asset quality, 9 banks strengthened their positions, while 9 failed to maintain them. 'Ipotekabank' showed the greatest growth, rising by 7 ranks. 'Uzsonatkurilishbank' also rose by 3 ranks. The largest drops were recorded in 'Tenge Bank' (by 5 ranks) and 'Anor Bank' (by 4 ranks).
For capital adequacy, positive dynamics were observed in 8 banks, while 9 maintained their positions. 'Davrbank' and 'Ipotekabank' demonstrated the greatest growth, each rising by 3 ranks. Meanwhile, 'Tenge Bank' showed the most negative change, dropping by 10 ranks.
In management efficiency, 7 banks improved their positions, and an equal number worsened. The largest growth was noted in 'Ipotekabank' (rising by 7 ranks). The largest drop was recorded in 'Tenge Bank' (by 7 ranks), as well as in 'Infibank' (by 4 ranks) and 'Davrbank' (by 3 ranks).
Results for profitability were distributed almost evenly: 5 banks improved their positions, 5 worsened, and 10 maintained their previous rank. 'Orient Finance Bank' showed the greatest growth (rising by 2 ranks). The most noticeable decline was in 'Asia Alliance Bank' (dropping by 2 ranks).
In liquidity, 3 large banks improved their positions, while 6 worsened. 'Orient Finance Bank' demonstrated the greatest growth (rising by 9 ranks). 'Tenge Bank' also improved its results by 3 ranks. The largest drops were recorded in 'Asaka Bank' (by 5 ranks), 'Uzmilliybank' (by 3 ranks), and 'Ipak Yoʻli Bank' (by 2 ranks).
Leaders and General Trends
The top three places in the large bank rating remained unchanged: 'Kapitalbank' was first, 'Hamkorbank' was second, and 'Asia Alliance Bank' was third.
In the overall rating, 'Ipotekabank' showed the greatest positive momentum, rising by 4 ranks to take 7th place. This was the result of improvements in asset quality, capital adequacy, and management efficiency indicators.
Next in growth momentum were 'Davrbank' and 'Infibank', each rising by 3 ranks. 'Davrbank' reached 5th place due to improvements in financial accessibility, asset quality, capital adequacy, and profitability indicators. 'Infibank' secured 6th place thanks to high results in financial accessibility, capital adequacy, and asset quality.
At the end of the second quarter, 'Ipak Yoʻli Bank' noted a significant decline, dropping by 4 ranks to take 8th place, linked to deteriorating financial intermediation and liquidity indicators. Among the banks that showed a slowdown in activity, 'Anor Bank', 'Khalq Banks', and 'Tenge Bank' stand out, each dropping by 3 ranks in the overall rating.
'Anor Bank' took 9th place due to declining financial accessibility, asset quality, management efficiency, and profitability indicators. 'Khalq Banks' dropped to 10th place due to worsening asset quality, management efficiency, and profitability. 'Tenge Bank' took 13th place because of declining capital adequacy, management efficiency, and asset quality indicators.
Transformational Challenges
For some banks, limitations in asset quality, liquidity, financial intermediation, and management efficiency persist. Provided that positive dynamics in financial accessibility and capital adequacy are maintained, strengthening positions in the rating will depend on asset quality, profitability, risk management, and the stability of operational results.
Small Bank Rating
Similar to large banks, the top three places among small banks remained unchanged: 'TBC Bank' was first, 'Universal Bank' was second, and 'AVO Bank' was third.
In the overall rating, 'Octobank' showed the greatest growth, rising by 3 ranks to take 6th place, driven by improvements in profitability, management efficiency, and financial accessibility indicators. 'Hayat Bank', 'UzKDB Bank', 'Soderot Bank', 'Madad Invest Bank', 'Open Bank', and 'Uzum Bank' rose by one rank. Their final positions were strengthened by improvements in financial accessibility, asset quality, liquidity, and capital adequacy indicators.
In the overall rating, 'Garant Bank' noted a significant decline, dropping by 4 ranks to take 14th place, linked to deteriorating financial accessibility, asset quality, and liquidity indicators. 'Poytakh Bank' was next in speed of decline, dropping by 3 ranks to take 9th place. 'Apex Bank' and 'Ziraat Bank' dropped by one rank due to changes in individual components of the Index.
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