Kyrgyzstan's financial organizations see increase in revenues

Kyrgyzstan Materials 19 April 2023 10:12 (UTC +04:00)
Alyona Pavlenko
Alyona Pavlenko
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BAKU, Azerbaijan, April 19. Revenues of financial organizations of Kyrgyzstan in 2022 amounted to about 106 billion soms ($1.2 billion), having increased by 1.7 times compared to 2021, Trend reports via the State Statistical Committee of Kyrgyzstan.

The committee noted that the growth in revenues was driven by the increase in profits of Kyrgyzstan’s banks.

At the same time, the expenses of financial organizations of the country increased by 1.5 times in 2022 – up to 67.1 billion soms ($766.7 million).

Thus, the financial sector of the economy achieved a positive net financial result of around 39 billion soms ($445.6 million) in profit last year, almost twice as much as in 2021.

According to the statistics, last year the financial sector saw activity from 635 organizations, including the National Bank, 23 commercial banks, 594 non-banking financial and credit organizations, 15 insurance companies, and two investment funds.

The committee noted that approximately 66 percent of financial sector organizations were profitable in 2022, while 14.3 percent had losses.