Kyrgyzstan's commercial banks register rapid increase in net income in 2022

Kyrgyzstan Materials 13 February 2023 18:14 (UTC +04:00)
Alyona Pavlenko
Alyona Pavlenko
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BAKU, Azerbaijan, February 13. The net income of Kyrgyzstan's commercial banks amounted to more than 23 billion soms ($265 million) in 2021, which is an increase of 6.5 times compared to 2021, consolidated report of the National Bank informs, Trend reports with reference to Kyrgyz media.

According to the National Bank of Kyrgyzstan, Kyrgyz banks registered record-high net profits from January through November 2022. The total net profits of commercial banks of Kyrgyzstan in the reporting period made up 21.7 billion soms ($253.6 million) (according to preliminary data).

The rapid growth of profit began in March 2022, increasing by 3 times, compared to the same period in 2021. In April, the growth amounted to 4 times, in May - to 4.5 times, and a fivefold increase in profit growth was registered by June 2022.

The profit of the commercial banks of Kyrgyzstan amounted to 3.5 billion soms ($40 million) in 2021.

At the same time, Kyrgyzstan's banks increased income from loans by 26 percent from January through December 2022, compared to the same period of 2021. Notably, operating income increased by around 5 times. The main share of operating income falls into currency transactions.