BISHKEK, Kyrgyzstan, August 24. The revenues of the financial organizations in Kyrgyzstan increased 32 percent year-on-year in the first half of 2023, amounting to 61 billion soms ($691.8 million), Trend reports.
According to the National Statistical Committee of Kyrgyzstan, this growth is attributed to the increased earnings of commercial banks.
At the same time, the overall expenditures of financial sector organizations rose by 37 percent year-on-year, amounting to around 38 billion soms ($430.9 million).
During the period under review, 64.5 percent of Kyrgyzstan’s financial enterprises reported profits, while 15.6 percent faced losses.
The net financial result stood at a profit of 23.1 billion soms ($261.9 million) in the first six months of 2023, which is an increase of 4.7 billion soms ($53.3 million) compared to the same period last year. Primarily, the profit surge can be attributed to commercial banks and microcredit organizations.
During the first half of the current year, there were 640 financial organizations in Kyrgyzstan, including the National Bank, 23 commercial banks, 601 non-bank financial and credit organizations, and 15 insurance companies.