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.
