BAKU, Azerbaijan, July 29. Uzbekistan's Alokabank reported a 21.4% year-on-year increase in net profit for the first half of 2026, supported by continued expansion of its lending portfolio.
This was reflected in the statement by the KAP DEPO.
According to the bank's financial results, net profit reached 252 billion soums (about $20.7 million) in January–June, compared with the same period last year.
At the same time, the bank's profit over the trailing 12 months increased at a more moderate pace of 2.8%, reaching 295.9 billion soums (around $24.3 million). Alokabank also continued to expand its lending activity. As of June 1, its loan portfolio stood at 21.1 trillion soums (approx. $1.7 billion), up 41.9% from a year earlier, reflecting sustained demand for financing across the economy.
The bank's asset quality, however, weakened slightly during the reporting period. The share of non-performing loans (NPLs) rose to 3.5%, compared with 2.7% a year earlier. Despite the increase, the NPL ratio remains below levels considered elevated for the banking sector, indicating that the bank continues to maintain relatively sound credit quality while expanding lending.
According to Trend's analysis, Alokabank's first-half results highlight the trade-off increasingly facing Uzbekistan's banking sector as lenders pursue rapid balance-sheet growth. While the bank expanded its loan portfolio by 41.9%, net profit grew at a slower 21.4%, suggesting that earnings growth has not fully kept pace with credit expansion. At the same time, the 0.8 percentage-point increase in the NPL ratio—from 2.7% to 3.5%—points to a modest deterioration in asset quality, although the level remains manageable. The contrast between the 21.4% increase in first-half profit and the more modest 2.8% rise in trailing 12-month earnings also indicates that profitability has improved in recent months after a relatively weaker performance over the preceding year. Overall, the figures suggest that Alokabank continues to prioritize lending growth while maintaining credit risks within broadly acceptable levels.
