The Center for Economic Research and Reforms (CERR) presented an updated Bank Ranking based on the results of the Bank Activity Index for Q4 2025.
The study covers 35 commercial banks of the republic, including 20 large financial institutions classified by scale and branch network, and 15 banks categorized as small. The methodology is based on the analysis of 27 indicators, benchmarked against national averages and international standards, including Basel Committee requirements.
The ranking serves as an important tool for enhancing transparency and strengthening trust in the financial system. This approach is consistent with international practice and is used by leading financial institutions worldwide.
During the reporting period, total assets of the banking sector amounted to 892.9 trillion soums ($74.2 bn), while liabilities reached 759.8 trillion soums ($63.1 bn). Lending increased by 13%, while deposits grew by 31%. The share of foreign-currency transactions declined, indicating strengthening of the national currency.
Net profit reached 13.5 trillion soums ($1.1 bn), which is 57.1% higher than a year earlier. Over the period under review, the share of non-performing loans decreased to 3.5% from 4.3% a year earlier, pointing to improved portfolio quality.
At the same time, in some banks this indicator remains above the sector average. Capital adequacy ratios exceed minimum regulatory requirements by more than 1.4 times, confirming the resilience of the banking sector.
The results for Q4 2025 show that sector leaders have maintained stable positions, while reshuffling within the ranking remains limited. The most notable progress was demonstrated by SQB, which climbed three positions.
Positive dynamics were also recorded by Davr Bank, Orient Finance Bank, Xalq Bank, and Ipoteka Bank, all of which improved their standings in the overall ranking. At the same time, only two large banks showed a decline in activity. Invest Finance Bank and Aloqa Bank fell by four and three positions in the overall ranking, respectively.
Overall, 13 banks retained their positions in the activity ranking, which, amid intensifying competition, reflects the ability of institutions to maintain operational efficiency, adequate liquidity, asset quality, and financial stability.
In financial intermediation, Tenge Bank and Ipak Yuli Bank showed a decline in efficiency in attracting and allocating resources, losing four and three positions, respectively. National Bank, Asia Alliance Bank, Anor Bank, BDB, and Mikrokreditbank also dropped by one position in this category.
In terms of financial inclusion, a one-position decline was recorded for Orient Finance Bank, Xalq Bank, Agrobank, BDB, and Ipoteka Bank.
Regarding asset quality, six large banks registered a decline. Agrobank lost three positions, while Xalq Bank, Trast Bank, Anor Bank, Aloqa Bank, and Asaka Bank each lost two positions.
Despite the overall positive profit dynamics in the sector, two banks posted a decline in profitability, namely National Bank and Anor Bank, which fell by two and one positions, respectively. In management efficiency, weaker positions were observed for Mikrokreditbank and Anor Bank, both down two positions.
In terms of liquidity, almost one-third of all large banks in the country lost positions, with the sharpest decline recorded by Davr Bank, down six positions, while Agrobank closed the ranking, falling to the last position on this indicator.
In the group of small banks, relative stability persists. Leaders have retained their positions. The main changes in this category also occurred in the mid-tier segment, where several banks improved their standings due to growth in financial intermediation and higher profitability.
In this group, six out of 15 financial institutions, including the ranking leader Universal Bank, retained their positions.
At the same time, five banks recorded declines, with the largest drop observed at Ziraat Bank, which lost three positions, while Apex Bank rose by three positions in the overall ranking.
AVO Bank and Madad Invest Bank each gained two positions, while Okto Bank gained one position and secured third place in the overall group ranking.
CERR Banking and Financial Research Sector
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CERR Public Relations and Media Sector
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