Posted by: 22 january, 2025
Based on data from the third quarter of 2024 (unaudited IFRS), Ipoteka-Bank is the top five bank in Uzbekistan, having almost 7% market share by total assets. The number of retail customers (1.7 million) has surged by almost 13% since the Bank joined the OTP Group at the end of June 2023, and it grew by 1.8% compared to the previous quarter. Ipoteka-Bank has 39 branches and employs 4,500 people. The organizational development and the integration of operations into the OTP Group continued in the third quarter.
For the first nine months of 2024, the Bank generated UZS 1.474 billion profit after tax, which brought its ROE to almost 34%. The 66% quarter on quarter profit improvement was mostly supported by the 17% (UZS 154 billion) increase in net interest income, but the lower risk costs and tax burden also contributed.
Net interest income rose to UZS 2 908 billion in Q3 2024. The increase in interest income was positively affected by loan portfolio growth, higher investments in government bonds and interbank placements.
The operating profit was markedly at UZS 2.194 billion, accordingly operational efficiency remained traditionally stable: Cost to income ratio (CIR) amounted to 33.8%.
Ipoteka-Bank’s total assets comprised UZS 47,525 billion as of Q3 end 2024. On the assets side, the financial assets increased to UZS 14,580 billion (+82%; UZS 6 590 billion) YTD due to investing to less risk weighted government and CBU bonds.
Gross loans amounted to UZS 33,967 billion YTD. The loan portfolio had a 33% share of corporate loans and a 67% share of retail loans. The retail portfolio had a bigger effect on the gross loan portfolio, increasing by 12.6% to UZS 22,604 billion.
At the end of the third quarter of 2024, the deposits totalled UZS 14.846 billion (+14% quarter on quarter, +26% YTD, FX-adjusted). Retail deposits expanded by 23% year on year, and corporate jumped by more than 50%.
The net loan/deposit ratio improved by 30 pps quarter on quarter to 206%, down from 307% at the time of Ipoteka-Bank’s first-time consolidation into the OTP Group.
For the first nine months of 2024, the Bank generated UZS 1.474 billion profit after tax, which brought its ROE to almost 34%. The 66% quarter on quarter profit improvement was mostly supported by the 17% (UZS 154 billion) increase in net interest income, but the lower risk costs and tax burden also contributed.
Net interest income rose to UZS 2 908 billion in Q3 2024. The increase in interest income was positively affected by loan portfolio growth, higher investments in government bonds and interbank placements.
The operating profit was markedly at UZS 2.194 billion, accordingly operational efficiency remained traditionally stable: Cost to income ratio (CIR) amounted to 33.8%.
Ipoteka-Bank’s total assets comprised UZS 47,525 billion as of Q3 end 2024. On the assets side, the financial assets increased to UZS 14,580 billion (+82%; UZS 6 590 billion) YTD due to investing to less risk weighted government and CBU bonds.
Gross loans amounted to UZS 33,967 billion YTD. The loan portfolio had a 33% share of corporate loans and a 67% share of retail loans. The retail portfolio had a bigger effect on the gross loan portfolio, increasing by 12.6% to UZS 22,604 billion.
At the end of the third quarter of 2024, the deposits totalled UZS 14.846 billion (+14% quarter on quarter, +26% YTD, FX-adjusted). Retail deposits expanded by 23% year on year, and corporate jumped by more than 50%.
The net loan/deposit ratio improved by 30 pps quarter on quarter to 206%, down from 307% at the time of Ipoteka-Bank’s first-time consolidation into the OTP Group.
