The second deal for the placement of mortgage bonds totaling 40.14 billion soums was completed on the Uzbekistan Stock Exchange (UZSE).
The second deal for the placement of mortgage bonds totaling 40.14 billion soums was completed on the Uzbekistan Stock Exchange (UZSE).
This placement was carried out as part of the implementation of the presidential decree dated February 21, 2025 (No. UP-26), which provides for additional measures for the further development of the housing and mortgage market in Uzbekistan.
The deal took place through a private placement involving Agrobank. The mortgage bonds themselves were issued by UMRC SPV LLC, which was established with the participation of the Joint Stock Company of Mortgage Refinancing of Uzbekistan (Uzbekistan Mortgage Refinancing Company JSC).
The deal organizers noted that this placement confirms the consistent application of the phased mechanism for issuing mortgage bonds stipulated by the presidential decree.
According to the organizers, the phased issuance of these bonds is aimed at developing the mortgage-backed securities market, expanding sources of long-term financing, and introducing modern financial instruments into the mortgage lending market of Uzbekistan.
According to the Tax Committee, in the first half of 2026, 68,600 private individuals received state subsidies totaling 330.822 billion soums. These funds were allocated for electricity generated by solar panels and fed into Uzbekistan's unified power grid.
The largest subsidy amount was paid in Bukhara region, where recipients received 61.9 billion soums. Additionally, subsidies in Khorezm region amounted to 60.5 billion soums, and in Kashkadarya region—37.3 billion soums.
The Tax Committee reminded recipients that accumulated subsidies can be transferred to a bank card via the Soliq mobile application using the 'Cashback and Benefits' service in the 'Solar Home' section.
The Committee also noted that under the 'Solar Home' program, owners of solar panels installed at their facilities receive 1000 soums for every kilowatt-hour of electricity they feed into the unified power grid beyond their own consumption, starting from April 1, 2023. The financing of these subsidies is carried out from the state budget.
According to data on the efficiency of the banking sector, the total assets of commercial banks in Uzbekistan reached 1,005.8 trillion soums as of July 1, 2026. This figure demonstrates an 18% growth compared to 852.2 trillion soums recorded on the same day in 2025.
During the reporting period, the banks' loan portfolio increased by 12%, amounting to 642.8 trillion soums. Deposits showed a more significant growth—33%, reaching 473.8 trillion soums, while total capital grew by 19% to 148.9 trillion soums.
The asset structure underwent changes: the share of foreign currency in total assets decreased from 40% to 35%, and in loans—from 42% to 39%, and in deposits—from 24% to 19%. The increase in the share of figures denominated in soums relative to foreign currency data indicates the activation of operations in the national currency.
State banks maintain a dominant position in the financial system, controlling 62% of assets, 66% of loans, 58% of capital, and 52% of deposits. The National Bank of Uzbekistan (NBU) remains the country's largest bank with assets of 146.5 trillion soums, accounting for 15% of the market. It is followed by Agrobank with 118.4 trillion soums (12%) and Uzpromstroybank with 108.5 trillion soums (11%).
Among the other banks, Asaka Bank leads in assets with 62.5 trillion soums, followed by Xalq Bank (57.8 trillion soums), Business Development Bank (41.2 trillion soums), Aloqabank (36.7 trillion soums), Microcreditbank (34.4 trillion soums), and Turon Bank (22 trillion soums). Among non-state-owned banks, Kapitalbank leads with assets of 62.7 trillion soums, followed by Ipoteka-bank with 56.7 trillion soums.
Kapitalbank ranks third in terms of deposit volume in the country, having collected 47.3 trillion soums, trailing only NBU and Agrobank. Octobank, with relatively modest assets of 16.5 trillion soums, holds deposits of 14.8 trillion soums, which almost covers its entire balance and indicates a deposit-oriented business model.
Retail clients remain the segment with the largest volume of borrowers. Lending to individuals grew by 20%, increasing from 196.9 trillion to 235.9 trillion soums, raising their share in the total loan portfolio from 34% to 37%, making it the largest borrower category. Industrial lending decreased by 13%, falling from 157.6 trillion to 137.6 trillion soums, and the industry's share dropped from 27% to 21%. Industry became the only major sector to record an absolute decrease, alongside housing construction and utilities, which fell by 8% to 1.9 trillion soums.
Lending in trade and public services increased by 23%, reaching 49.3 trillion soums. Construction showed a growth of 37%, amounting to 20.9 trillion soums, while agriculture grew by 14% to 66.3 trillion soums. The 'other sectors' category increased by 36%, reaching 92.4 trillion soums. Lending to transport and communications remained virtually unchanged, showing only a 1% growth to 33.9 trillion soums.
Of the total loan portfolio of 642.8 trillion soums as of July 1, 2026, retail loans accounted for 235.9 trillion soums (37%), while corporate loans made up 406.9 trillion soums (63%). Ipoteka-bank became the largest lender to retail clients, issuing individual loans totaling 29.5 trillion soums, and Xalq Bank took second place with 25.5 trillion soums. NBU continues to be the largest corporate lender, providing 83.6 trillion soums in loans to legal entities.
Regarding deposits, Kapitalbank leads in retail deposits with an amount of 28.1 trillion soums, higher than any other bank in the country, including the largest state institutions. NBU is the largest holder of corporate deposits, accumulating 39.4 trillion soums.
