The combined assets of Uzbekistan's banking sector as of August 1, 2026 reached 1,016.6 trillion som — a growth of 19.3% year-over-year. The sector has surpassed the one quadrillion mark for the first time.

Profit increased one and a half times

Net profit of banks amounted to 12.3 trillion som compared to 7.3 trillion a year earlier.

The outpacing growth of profit over assets is explained by high interest margin: with a base rate of 14%, banks earn on the difference between the cost of attracting and placing funds.

Deposits growing three times faster than loans

  • loan portfolio — 644.6 trillion som, growth of 11.9%;
  • deposits — 482.7 trillion som, growth of 33.9%.

The gap in growth rates is significant: banks are building their internal resource base faster than issuing loans. This reduces dependence on external borrowing and strengthens system resilience.

Since the beginning of the year, the loan portfolio increased by 6.7%, retail loans by 8.9%, reaching 239.8 trillion som.

State controls the majority

Banks with state participation hold:

  • 62% of assets;
  • 65.5% of loans;
  • 51.4% of deposits.

A notable discrepancy: in deposits, state dominance is weaker than in loans. Private banks compete more actively for depositors — a segment where client decisions depend on rates and service quality rather than administrative influence.

Major players

Leaders by assets:

  • Uznatсbank — 145.8 trillion som;
  • Agrobank — 124.2 trillion;
  • Uzpromstroibank — 105.2 trillion.

Among organizations without state participation, Kapitalbank ranks first: assets 62.1 trillion som, deposits 48.9 trillion.

Concentration is high: twelve banks with assets exceeding 30 trillion som account for 79% of all sector assets.

What this means for depositors

The growth of the deposit base by one-third annually reflects the attractiveness of current conditions: with inflation around 6% and deposit rates tied to the key 14%, real returns remain high.

The regulator has stated its intention to maintain a tight policy until inflation falls to the target 5% — meaning conditions will persist at least through next year.

When comparing deposit rates, this horizon should be considered: longer-term deposits lock in current returns for the entire placement period.

This material is informational and not an investment recommendation.