BAKU, Azerbaijan, October 23. Uzbekistan’s microfinance sector more than doubled its total assets year over year, reaching 20.8 trillion soums (about $1.7 billion) as of September 1, 2026, compared with 9.7 trillion soums (around $807.5 million) in the same period last year.
This was reflected in the statement by Central Bank of Uzbekistan.
Loans and microleasing remained the largest component of the sector’s assets, with their net balance increasing by 106% year over year to 18.1 trillion soums (approx. $1.5 billion) from 8.8 trillion soums (about $732.6 million). However, their share of total assets declined to 87.1% from 90.6%, a decrease of 3.5 percentage points.
Funds held with banks also increased significantly, rising more than fourfold to 1.31 trillion soums (around $108.2 million) from 304.1 billion soums (approx. $25.3 million) a year earlier. This represents an increase of approximately 327.2%, or nearly 1 trillion soums (about $83.2 million).
The sector’s capital base continued to expand, with total capital rising 56.6% year over year to 4.4 trillion soums (around $366.3 million) from 2.8 trillion soums (around $233.1 million). Retained earnings increased by 80.5%, while current-year profit rose by 133.4%, reflecting stronger earnings growth.
Meanwhile, total liabilities increased by 138.1% year over year to 16.3 trillion soums (about $1.36 billion) from 6.9 trillion soums (about $574.4 million). Loans, borrowings and lease obligations accounted for 80.1% of total liabilities, amounting to 13.1 trillion soums (around $1.09 billion).
According to Trend’s calculations, the increase in total assets amounted to 11.1 trillion soums (approx. $924.1 million), while total liabilities grew by 9.4 trillion soums (about $782.6 million). Liabilities therefore expanded at a faster pace than capital, which increased by 1.6 trillion soums (around $133.2 million) over the same period, based on the rounded figures provided.
The data point to continued expansion in Uzbekistan’s microfinance sector, supported by rising lending volumes, stronger profitability and an expanding capital base. At the same time, the faster growth in liabilities highlights the increasing role of external financing in supporting the sector’s development.
