Uzbekistan's banking sector demonstrated a sharp increase in profitability in the first half of 2026: net profit rose by almost 69% year-on-year to 11 trillion soums (about $919.6 million). Ipoteka Bank became the profit leader.
This is stated in a statement by KAP DEPO.
According to the latest data, the net profit of the banking sector grew from 6.5 trillion soums (about $543.4 million) in the first half of 2025 to 11 trillion soums (about $919.6 million) in the same period of 2026. Thus, annual growth was 68.9%.
Ipoteka Bank became the most profitable bank in the country, earning 1.4 trillion soums (about $117 million) in net profit for the first six months of the year. The bank first took first place in the first quarter, when its profit amounted to 846.4 billion soums, and maintained its leadership until the end of June.
In second place was the National Bank of Uzbekistan (NBU) with a net profit of 1.2 trillion soums (about $100.3 million), followed by Uzpromstroybank, which earned 1.1 trillion soums (about $91.9 million).
The top five also included Hamkorbank with a net profit of 970 billion soums (about $81 million) and Kapitalbank, whose profit amounted to 834 billion soums (about $69.7 million). Both banks have consistently been among the most profitable banks in Uzbekistan since 2022.
Trustbank also maintained its position among the country's leading banks, continuing its long-standing presence in sixth and seventh places in terms of profitability.
Meanwhile, People's Bank (Xalq Banki) remained in the top ten after returning to the ranking in 2025. For the first half of 2026, the bank received 651 billion soums (about $54.4 million) in net profit. Before returning to the ranking, it had not been among the most profitable banks for several years after the COVID-19 pandemic.
The return of Ipoteka Bank to first place in the profitability ranking indicates a significant improvement in its performance. After privatization in 2023, the bank temporarily recorded losses as it worked to improve the quality of its loan portfolio before returning to sustainable profitability.
According to Trend's analysis, the latest data indicate an improvement in the financial condition of Uzbekistan's banking sector amid ongoing reforms and privatization processes. The three largest banks - Ipoteka Bank, the National Bank of Uzbekistan, and Uzpromstroybank - collectively earned 3.7 trillion soums (about $309.3 million) in net profit, accounting for approximately 34% of the sector's total profit.
Ipoteka Bank alone accounted for almost 13% of the 11 trillion soums (about $919.6 million) in net profit of the banking sector, highlighting the scale of the bank's recovery after privatization.
At the same time, the continued presence of private banks such as Hamkorbank, Kapitalbank, and Trustbank among the most profitable financial institutions reflects the growing competition and diversification of Uzbekistan's banking sector.