Commercial banks in Kyrgyzstan see vast increase in profit in 1Q2023

Kyrgyzstan Materials 6 June 2023 11:17 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, June 6. The profit of commercial banks in Kyrgyzstan nearly tripled in the first quarter of 2023, Trend reports.

In the reporting period, the income of financial sector organizations exceeded 30 billion soms ($343 million) , increasing by 24 percent compared to the corresponding period of 2022, driven by the growth of commercial banks' income.

According to the data available, the expenses of financial sector organizations in 1Q2023 increased by 1.5 times, reaching 18.6 billion soms ($212.6 million).

The share of profitable organizations in the financial sector amounted to 63 percent, while about 16 percent incurred losses.

By the end of the first quarter, the financial sector entities achieved a net profit of 11.6 billion soms ($132.6 million), which slightly decreased by 1.2 percent year-on-year.

Profit growth was observed in commercial banks, insurance organizations, and credit organizations, while the National Bank experienced a decline in profit.

According to the National Statistical Committee of the country, in the reporting period of 2023, 632 organizations operated in the financial sector of the economy, including the National Bank, 23 commercial banks, 357 pawnshops, 142 microcredit organizations, 93 credit unions, 15 insurance companies, and 1 specialized financial and credit organization.