Ipoteka Bank’s profit surges by more than half in nine months
Ipoteka Bank OTP Group’s profit is growing significantly faster than its assets. In the first nine months of 2026, the bank increased its net profit by 56%, while its assets grew by 16%, according to its IFRS financial statements.
Ipoteka Bank OTP Group’s net profit reached UZS 1.8 trillion ($151 million) in January–September 2026.
The bank’s total assets increased by 16% year-on-year, reaching UZS 57.9 trillion. Based on the reported growth rate, assets stood at approximately UZS 49.9 trillion a year earlier. Meanwhile, operating profit rose by 39%, from approximately UZS 1.6 trillion to UZS 2.2 trillion.
What drove profit growth
Further insight into the sources of growth can be found in OTP Group’s report for the first nine months of 2026, published on November 11.
The main factors behind the profit growth of Ipoteka Bank OTP Group were an expansion in lending, an improvement in net interest margin, and higher fee and commission income.
The improvement in net interest margin was driven by lower deposit rates, growth in consumer lending and an increase in the average interest rate on loans. Foreign exchange trading income and gains from asset sales also contributed to the results.
Auto lending was another key growth driver. Through its partnership with a local partner, the bank increased its share of the market from 4.9% at the end of 2025 to 9.1% by the end of September 2026.
Lower credit risk costs also had a positive impact on financial performance. At the same time, the bank’s operating expenses increased, partly due to higher spending on personnel, loan origination, marketing and information technology.
Improving loan portfolio quality
Alongside revenue growth, Ipoteka Bank also improved its efficiency indicators. Its return on equity (ROE) for the first nine months of 2026 reached 25.2%, compared with 20.4% a year earlier, an increase of 4.8 percentage points.
Return on assets (ROA) rose from 3.2% to 3.4%, while the bank’s capital adequacy ratio (CAR) stood at 21.1% at the end of the reporting period.
The cost of risk (COR) also showed positive dynamics. According to the bank’s own figures, the indicator fell from 0.7% in the first nine months of 2025 to minus 0.6% in the same period of 2026.
OTP Group’s report also noted a 23% year-on-year decline in credit risk costs in forint terms.
The improvement in portfolio quality is also reflected in the loan structure. The share of Stage 2 loans under IFRS 9, which indicates a significant increase in credit risk, declined from 14.7% to 9.2%. The share of Stage 3 loans fell from 14.2% to 13.7%.
Customer service and further development
At Ipoteka Bank OTP Group, the results are attributed not only to financial performance but also to improvements in customer service.
In the third quarter, the bank’s branch service quality score reached 93% based on Mystery Shopping assessments. The contact center received a score of 92.7% under the Mystery Calling methodology.
The Net Promoter Score (NPS), which measures customers’ willingness to recommend the bank, increased from 58% to 74% year-on-year.
Commenting on the financial results, Adam Szentpéteri, Chairman of the Management Board of Ipoteka Bank OTP Group, emphasized that customer trust and the collective efforts of employees in maintaining the quality of banking products and internal processes were at the heart of the bank’s performance.
Overall, the nine-month results reflect the continued transformation of Ipoteka Bank OTP Group, as the bank expands its lending operations, diversifies its revenue streams and strengthens risk management simultaneously.
Earlier, Kursiv Uzbekistan examined how Ipoteka Bank became one of the country’s most profitable banks.
The article explored the impact of the bank’s transformation, improvements in loan portfolio quality and the role of reserve recoveries in driving profit growth.
