Based on 2025 results, several Uzbek issuers increased dividends, but yields at market prices for many securities declined: stocks appreciated over the year. Calculations are based on exchange prices as of October 28, 2026. The dividend season is not complete; companies may announce additional payouts before year-end.

Where payouts increased

  • UzRTSB: URTS dividend per share rose from 382 to 780 sum (+104.2%), totaling 292.34 billion sum versus 143.17 billion. Distributed 85.1% of net profit for 2025, previously 44.8%. Yield declined from 10.74% to 6.50% at 11,998 sum price.
  • Uzbektelecom: UZTL payout increased from 76.3 to 372.57 sum (4.9x), UZTLP remained 288.5 sum. Total volume 313.42 billion sum. Common stock yield 1.78%, preferred 2.28%.
  • Trustbank: TRSB 192 sum versus 120 sum (+60%), totaling 192.04 billion sum; TRSBP 1,000 sum. Yields 2.14% and approximately 0.77%.
  • Universal Bank: UNVB 500 sum instead of 400 (+25%), yield 6.01% at 8,314 sum price, total volume 50 billion sum.
  • Uzbekinvest: UZIN 98.5 sum instead of 77.19 (+27.6%), UZINP unchanged at 240 sum. Preferred yield declined from approximately 18% to 7.4%.
  • Ipoteka-bank: 943.25 billion sum allocated to dividends. IPTB 0.225 sum (yield 4.26%), IPTBP 0.25 sum (2.87%). Year prior, only preferred shares paid dividends.

Where payouts decreased or were not accrued

  • Uzpromstroibank (SQB): SQBNP 3.8 sum versus 4.37 (−13%), yield 4.27%. No dividends on common SQBN shares despite 2025 net profit of approximately 1.9 trillion sum. Franklin Templeton attributed this to need to strengthen capital before IPO or privatization.
  • Chilonzor buyum savdo kompleksi: CBSK 0.29 sum instead of 0.35 (−17.1%), yield 7.63% at 3.8 sum price.
  • Uztemirjulcontainer: UTYK 10,594.21 sum versus 20,754.71 (nearly −49%), yield 2.35%.
  • UzAuto Motors: one decision so far—187 sum per UZMT share, yield 0.36%. For January–October 2025, accrued 1,497 sum (−87.5%). Largest 2025 payout approved November 24; year total reached 6,139 sum.

Special cases

Uzmetkombinat accrued dividends on common UZMK shares for the first time in comparison period—378.17 sum (yield 4.41%). UZMKP maintained 300 sum, yield 7.33% versus 15% year prior. Paid in cash 20.23 billion sum, with approximately 249.63 billion more designated for capitalization by state decision.

Uzbekneftegaz approved on September 17 28.1 sum per UZNG and 125 sum per UZNGP, total volume approximately 1.3 trillion sum (per publication calculations). Preferred yield 2.44%. For full 2025, accrued 40.36 and 250 sum respectively.

Ipak Yuli: board recommended 3.43 sum per IPKY and IPKYP versus 1.52 (+125.7%). Shareholder meeting scheduled November 16, 2026; registry closes November 10. Hamkorbank: June 25 meeting postponed dividend question.

What this means for investors

Rising dividend per share does not guarantee high yield: it depends on purchase price. Dividends are only part of returns; total depends also on security price changes.