Posted by: 29 april, 2024
The Ipoteka Bank is a significant player in Uzbekistan's banking system, holding signaficant share of the market's assets. It also commands a third of the mortgage lending market and maintains a stable, liquid, and diversified balance sheet.
The bank has achieved 39% higher operating profit this quarter, compared to the same period last year, which reflects the strong underlying business performance, especially in the domain of consumer loans and growth in customer base. Our consumer loan market share has increased from 6,5% (Q1 2023) to 9,6% (Q1 2024), whilst the number of clients from 1,51 million to 1,69 million over the same period.
Despite of the rapidly increasing operating profit the 2024 Q1 net accounting profit has reached 3.6 billion sum compared to 374 billion sum in 2023 Q1, representing a significant drop. The lower accounting profit is attributable to the fact that the otherwise strong operating profit has been offset by credit loss incurred mostly on corporate loans. Since the acquisition by OTP Group, we are working actively to properly identify any underperforming loans in our portfolio to create adequate reserves in line with international standards. We receive full support from OTP Group in this process.
The lower net accounting profit figure in this first quarter of 2024 should not have any impact on our clients or business partners, in fact we ourselves focus on the future. We continue to invest significantly into modernizing our technology and improving our services for the benefit of our clients.
