BAKU, Azerbaijan, October 16. Uzbekistan’s Uzpromstroybank (UzPSB) reported net profit of 1.2 trillion soums (about $100.7 million) in January–September 2026, down 12.9% year over year, despite a 51.7% increase in total income to 20 trillion soums (around $1.7 billion).
This was reflected in the statement by KAP DEPO, following the bank’s third-quarter financial report.
The bank’s profitability declined sharply in the third quarter. Net profit for July–September 2026 fell to 101.9 billion soums (approx. $8.5 million) from 577.4 billion soums (about $48.5 million) in the same period of 2025.
The bank also recorded a substantial increase in provisions for potential credit and leasing losses, which reached 9.7 trillion soums (around $814.4 million), approximately 3.7 times the previous year’s level. At the same time, UzPSB reversed previously established provisions totaling 9.6 trillion soums (approx. $806 million), recording the amount as other non-interest income.
According to Trend’s calculations, the bank’s third-quarter net profit declined by 475.5 billion soums (about $39.9 million), or approximately 82.4%, compared with the same period of 2025. This means quarterly profit fell to around one-fifth of its year-earlier level.
Meanwhile, the 12.9% decline in nine-month net profit indicates that the deterioration in the third quarter weighed on the bank’s cumulative results, despite the increase in total income. The reported 51.7% growth in income represents an increase of approximately 6.8 trillion soums (around $570.9 million), based on the rounded figures of 20 trillion soums (approx. $1.7 billion) in 2026 and an implied 13.2 trillion soums (about $1.1 billion) a year earlier.
The increase in provisions for potential credit and leasing losses was another major development in the bank’s financial results. At 9.7 trillion soums (around $814.4 million), the expense was approximately 3.7 times its year-earlier level, implying an increase of around 270% if the reported multiple is applied.
The reversal of 9.7 trillion soums (approx. $805.9 million) in previously established provisions was recorded separately as other non-interest income. Although the reversal and the new provision expense were similar in size, they should not automatically be treated as fully offsetting items, as their accounting treatment and underlying exposures may differ.
According to the report, UzPSB’s net profit for the first nine months of 2026 amounted to 1.207 trillion soums (about $101.3 million). The results highlight a divergence between the bank’s rising reported income and its declining net profit, with provisions for potential credit and leasing losses playing a significant role in its financial performance.
