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.