TBC Uzbekistan profit drops 61% in Q3 2026

In July–September, the segment earned 15.9 million lari (around 6.1 million dollars), down from 41.1 million lari a year earlier. The decline came amid an 18% rise in operating expenses to 92.4 million lari and a 14.5% drop in net interest income to 125 million lari. The cost-to-income ratio rose to 53.8% from 41.5%, while return on equity sank to 7.8% from 23.3%. Over the first nine months, profit declined by 39.7% to 57.3 million lari.

The gross loan portfolio reached 2.37 billion lari (910 million dollars): it grew by 2.8% quarter-on-quarter but contracted by 10.1% year-on-year. The non-performing loan ratio reached 11.8% compared to 4.7% a year earlier. In an investor presentation, its increase in the second quarter is largely attributed to the extension of the debt write-off period from 270 to 360 days. TBC Group CEO Vakhtang Butskhrikidze noted that lending in Uzbekistan is gradually recovering as the portfolio aligns with regulatory requirements. Automated debt collection rules are expected to come into effect in early 2027, he said.

In terms of operational indicators, payment volume for the quarter increased by 46.5% to 43.9 trillion soums, and the number of transactions climbed by 39% to 198 million. Registered users reached 25.5 million, with monthly active users at 6.1 million. The number of business clients increased fivefold over the year, with 84% of them located in the regions.