It is important to note that, compared with 2024 results, the coverage expanded from 28 to 35 banks, and the grouping structure also changed: last year’s sample comprised 17 large and 11 small banks.
The index is based on 27 ratios in accordance with Basel Committee requirements and allows analysis against average nationwide benchmarks.
The methodology for calculating the index rests on a set of indicators, including asset growth, loan-portfolio dynamics, profitability, liquidity and operational resilience, which together provide a comprehensive analysis of banks’ activity and enable assessment of competition and efficiency within the sector.
In line with the classification regulations, from 2025 the composition of the large-bank group was amended. Thus, Davr Bank, Tenge Bank and Anor Bank were reclassified as large banks.
Under the established criteria, a bank is considered large if its assets amount to at least 1% (approx. $5.4 bln) of the total assets of the banking system — equivalent to 7 trln sums — and if it has branches or service offices in at least one-third of the country’s regions. Banks not meeting these requirements are classified as small.
Among large banks in Q1 2025, Kapitalbank retained its leading position, while Hamkorbank rose from fourth to second place, improving its financial-intermediation, asset quality and management scores. Asia Alliance Bank held third place, demonstrating stable performance.
Among the newcomers in the large-bank category, Anor Bank confidently entered the top five in fourth place. Meanwhile, Trast Bank, which fell by three spots, closed out the overall top five.
It is also worth noting that SQB climbed one position, while Aloqa Bank and Business Development Bank maintained stable rankings.
Several banks showed significant declines. Of the 20 large credit institutions, most exhibited negative dynamics and failed to hold their positions.
In particular, NBU and Mikrokreditbank each dropped six positions. Invest Finance Bank lost four positions, while Orient Finance Bank, Ipoteka Bank and Agrobank each slipped two places. Ipak Yo‘li Bank and Xalq Bank showed more moderate declines of one position each.
Mikrokreditbank’s six-position fall was driven by a marked deterioration in capital adequacy (–10 pts) and asset quality (–6 pts). Such shifts underscore the need to strengthen internal financial resilience and adopt a more balanced risk-management strategy.
Across a number of indicators characterizing sustainability and operational efficiency, large market participants saw negative dynamics in Q1 2025.
In financial intermediation (loans-to-deposits ratio, obligations to other banks and to state bodies), Turon Bank registered the sharpest drop (–8 positions). Asaka Bank and Business Development Bank each fell by two positions.
In financial inclusion (clients per branch, loan concentration, and private-sector lending volume), the steepest decline was at Trast Bank (–5 positions), followed by Asia Alliance Bank, Invest Finance Bank and Ipak Yo‘li Bank (–4 positions each).
Asset quality remains a key focus. By return on assets (ROA) and non-performing-loan (NPL) share, Ipoteka Bank stays in the bottom 20 of the ranking. Mikrokreditbank (–6 positions) and Business Development Bank (–5) also saw large drops, while Kapitalbank, Trast Bank, Turon Bank and Agrobank each fell by three positions. These changes signal persistent pressure on asset quality, requiring measures to bolster credit-portfolio resilience and risk management.
Profitability and operational-efficiency indicators also showed downward trends. In profitability (net interest income vs. interest expenses, non-interest-income share), Agrobank fell into the bottom 20. Negative adjustments also affected Xalq Bank (–3), Aloqa Bank, SQB, Turon Bank and Asaka Bank (–2 each).
In management efficiency (profit per employee, operating expenses, non-interest-income scale), Asaka Bank led the declines (–7), followed by Invest Finance Bank (–6), and Trast Bank and Xalq Bank (–4 each). Mikrokreditbank dropped four positions, placing it in the bottom 20 for this component.
In liquidity (highly liquid-asset ratio, LCR, NSFR), Turon Bank fell four positions into the bottom 20. Notable declines were also seen at Aloqa Bank (–7) and NBU (–5).
Following this reassessment, four banks — Saderat Bank, Uzum Bank, Apex Bank and Smart Bank — were reclassified as small financial organizations.
Among Uzbekistan’s 15 small banks in Q1 2025, seven improved their standings; the only bank to lose a position was Octobank.
The best result came from Hayot Bank, which climbed eight places to rank second among small banks. Also in the leaders were TBC — which improved on key metrics such as intermediation, asset quality, management and profitability to place third — and Universal Bank, which retained first place by enhancing its financial-intermediation and profitability figures.
By capital-adequacy, UzKDB Bank improved by five points and Garant Bank by one. Other small banks showed declines in this indicator, emphasizing the need to further strengthen capitalization and resilience.
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