BAKU, Azerbaijan, August 6. Uzbekistan's banking sector posted a sharp increase in profitability in the first half of 2026, with net profit rising nearly 69% year on year to 11 trillion soums (about $919.6 million), led by strong earnings from Ipoteka Bank.
This was reflected in the statement by KAP DEPO.
The latest data show that the sector's net profit increased from 6.5 trillion soums (around $543.4 million) in the first half of 2025 to 11 trillion soums (about $919.6 million) in the same period of 2026, representing a 68.9% year-on-year increase.
Ipoteka Bank ranked as the country's most profitable lender, reporting 1.4 trillion soums (approx. $117 million) in net profit during the first six months of the year. The bank first moved into the top position after the first quarter, when it earned 846.4 billion soums, and retained its lead through the end of June.
The National Bank of Uzbekistan (NBU) ranked second with 1.2 trillion soums (about $100.3 million) in net profit, followed by Uzpromstroybank, which reported 1.1 trillion soums (around $91.9 million).
The top five was rounded out by Hamkorbank, with 970 billion soums (approx. $81 million) in net profit, and Kapitalbank, which earned 834 billion soums (about $69.7 million). Both banks have consistently ranked among Uzbekistan's most profitable lenders since 2022.
Trustbank also maintained its position among the country's leading banks, continuing its multi-year run in the sixth and seventh positions by profitability.
Meanwhile, People's Bank (Xalq Banki) remained in the top 10 after returning to the ranking in 2025. The bank reported 651 billion soums (around $54.4 million) in net profit during the first half of 2026. Prior to its return, it had spent several years outside the top tier of profitable banks following the COVID-19 pandemic.
Ipoteka Bank's return to the top of the profitability rankings marks a significant turnaround. Following its privatization in 2023, the lender temporarily reported losses as it worked to improve the quality of its loan portfolio before returning to sustained profitability.
According to Trend's analysis, the latest rankings highlight the improving financial health of Uzbekistan's banking sector following ongoing reforms and privatization efforts. The top three banks—Ipoteka Bank, the National Bank of Uzbekistan and Uzpromstroybank—generated a combined 3.7 trillion soums (around $309.3 million) in net profit, accounting for roughly 34% of the sector's total earnings. Ipoteka Bank alone contributed nearly 13% of the banking sector's 11 trillion soums (about $919.6 million) in net profit, underscoring the scale of its recovery since privatization. At the same time, the continued presence of private lenders such as Hamkorbank, Kapitalbank and Trustbank among the sector's most profitable institutions reflects the growing competitiveness and diversification of Uzbekistan's banking industry.
