Bank Profits in Uzbekistan Decline in 2023
Bank Profits in Uzbekistan Decline in 2023
Uzbek banks recorded a net profit of 798 billion soums in May, marking the lowest monthly profit in the past six months. In November 2022, banks had previously earned less profit, amounting to 724 billion soums. Prior to May, banks in the country had been consistently generating profits of around one trillion soums per month due to a surge in demand for their services.
During the first five months of this year, banks accumulated a total revenue of 50.3 trillion soums, with a net profit of 4.8 trillion soums. This represents a 29.9% increase in revenue and a 40.4% increase in profit compared to the same period in 2022.
However, despite the overall positive performance, the profit earned by banks in May was relatively lower. Although non-interest income rose by 23.2%, interest income also experienced a significant increase of 34.3%. This indicates that banks continue to generate more income from lending activities rather than from service-related operations.
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