Eight months of work were successful for the banking sector of Kyrgyzstan. According to their results, commercial banks did not just earn good money, some of them managed to improve their financial position in relation to the same period of 2023. This affected the balance of power among the largest banks in the country.

At the end of August this year, the banks of Kyrgyzstan earned a total of 22 billion 258.4 million KGS. Of the 21 banks on the market, 20 were profitable, and only one bank showed a loss.

Compared to the same period of 2023, the banking sector's profit increased by 5.92 billion KGS (or 36.2%), from 16.34 billion KGS.

Growth leaders

“Aiyl Bank”, traditionally one of the largest banks in the country, continues to hold the leading positions in terms of profit. In August 2024, the bank's income amounted to 5.08 bln KGS, up 20% compared to July (4.23 bln KGS). In annual terms, the bank showed a 40% increase in profit - in August 2023, its income amounted to 3.62 billion KGS. Such dynamics indicates sustainable development of the bank.

The second in terms of profit was Mbank, which showed one of the most impressive annual growths. Its income for August 2024 amounted to 4.93 bln KGS, which is 22% higher than in July (4.04 bln KGS) and more than twice the level of August 2023 (2.31 bln KGS). Such a sharp jump is explained by the bank's active expansion and growing demand for its products.

“Eldik Bank” is also among the top three leaders in terms of revenue growth. In August 2024, its profit amounted to 2.84 bln KGS, which is 39% more compared to July (2.04 bln KGS) and 129% more than in August 2023 (1.24 bln KGS).

“Bakai Bank” and KICB strengthen their positions

Other notable players in the market include Bakai Bank with a profit of 2.26 bln KGS in August 2024, up 12.7% from July. The bank also showed a moderate 18% year-on-year increase compared to August 2023, when its profit amounted to 1.92 bln KGS.

KICB and Demir Bank showed similar trends, with both banks significantly increasing their profits for the month. KICB increased its profits by 16% YoY and 34% YoY, while Demir Bank showed a 15% YoY increase but an 11% YoY decline.

Still on the upside, but no longer as it was in 2023

Of interest is Optima Bank, which, although still in fifth place in terms of earnings, showed a decline compared to August 2023. Its income in August 2024 amounted to 1.71 bln KGS, which is 9% less than a year earlier (2.28 bln KGS), although higher than in July 2024 (1.49 bln KGS).

“Bank Kompanion” also showed less profit: it amounted to 459.5 million KGS in August 2024, which is lower than last year's result (567.5 million KGS). At the same time, the bank shows growth in month-on-month terms, by July 2024.

However, not all banks were able to end August 2024 with positive results. Eurasian Savings Bank had a loss of 130 million KGS, which is worse compared to July (-49 million KGS) and the result of August 2023, when they were in the plus by 12 million KGS.

Also, according to the statements of Halyk Bank, now O!Bank, their financial result for August was lower than July, 127.6 million KGS vs. 133 million KGS.

In general, the banking sector of Kyrgyzstan continues to develop, and the leading banks demonstrate strong growth rates. Nevertheless, there are different trends in the segment, which caused changes in the list of leading banks by profit volume compared to August 2023.

In particular, “Aiyl Bank” and Mbank maintained their positions, continuing to occupy the first and second places in the ranking. “Eldik Bank” moved up to the third position, where previously was ‘Optima Bank’, which now occupies the fifth place, previously there was ‘Demir Bank’. “Bakai Bank” retains the fourth position.