Avesta Investment Group - Uzbekistan
Uzum Sarmoya's second bond issue admitted to the exchange quotation list
Placement opened on 27 July 2026.
The issue totals 600 billion som across 60,000 bonds of 10 million som nominal each. The coupon is 18% per annum, paid every 90 days over a 1,080-day term — twelve coupon periods, 450,000 som per bond at each payment.
The paper carries ISIN UZ6059287AB9 and trades under the ticker UZUMS3B2.
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JSCMB «Ipoteka-bank» (TSE: IPTB) Financial Results 1H2026 (NAS)
Ipoteka-bank swung to a net profit of UZS 1.39T in 1H2026 from a UZS 392.52B loss a year earlier, and the turnaround came from the cost side rather than the margin. Loan loss provisions fell to UZS 969.47B from UZS 2.94T, taking cost of risk to 5.8% from 15.1%, while the C/I ratio collapsed to 41.6% from 184.9%. Net interest income rose 21.8% to UZS 2.13T and operating income 7.7% to UZS 3.67T.
Interest income was already growing through the loss-making half, so the margin was never the problem: the 1H2025 loss was pre-tax and sat almost entirely in the second quarter, UZS 361.79B of UZS 392.52B. ROE reached 31.4% and ROA 4.3% against −1.7%. Assets grew 12.0% to UZS 56.74T, deposits 14.9% to UZS 28.84T and equity 37.2% to UZS 9.52T, with LDR easing to 123.4% from 133.1%.
At UZS 2.81 per share (close of 27.07.26), IPTB trades at 1.25x P/B and 5.44x P/E, having returned +123.02% YTD.
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JSCB «Ipak Yo'li» (TSE: IPKY) Financial Results 1H2026 (NAS)
Ipak Yo'li posted a net profit of UZS 480.47B in 1H2026, down 1.0% YoY, as strong balance-sheet growth was offset by a rising cost base. Net interest income rose 23.1% to UZS 1.14T and operating income 14.9% to UZS 1.59T, but the gains were absorbed by costs: the C/I ratio climbed to 62.6% from 54.8%. Cost of risk was flat at 2.0%, so provisions are not the explanation. NIM narrowed to 9.9% from 10.2%.
Profitability eased as a result — ROE fell to 22.7% from 29.7% and ROA to 3.8% from 4.8%. Balance-sheet momentum was strong: total assets expanded 35.3% to UZS 32.86T and customer deposits jumped 40.7% to UZS 16.71T, outpacing assets. Equity rose 20.5% to UZS 4.91T and LDR eased to 110.4% from 122.8%.
At UZS 166.60 per share (close of 27.07.26), IPKY trades at 2.05x P/B and 10.85x P/E, having returned +70.89% YTD.
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Statistics Committee: the average monthly wage reached 7,091.1 thousand som in the first half of 2026, 18.4% above the same period of 2025
The release puts the national average for January–June at 7,091.1 thousand som. The same half-year figure was 3,551.6 thousand som in 2022, 4,337.6 in 2023, 5,106.0 in 2024 and 5,990.1 in 2025.
The spread across regions is the widest part of the release. Tashkent city recorded 12,013.9 thousand som and Navoi region 8,722.7, against 4,864.7 in Kashkadarya and 4,937.3 in Surkhandarya. Growth ran the other way round: Jizzakh region posted the fastest increase at 20.4%, Namangan 19.4% and Tashkent region 17.8%, while Andijan recorded the slowest at 15.1%.
By activity, banking, insurance, leasing, credit and intermediation paid 19,100.2 thousand som and information and communication 17,417.4 — against 4,440.3 in health and social services and 4,977.1 in education. Transport and storage recorded both a high level, 11,070.0, and the fastest growth of any sector at 22.8%. Education rose 20.3%, health 20.1% and construction 19.9% to 7,027.9.
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Uzbekistan’s financial services sector is growing faster than trade and transport. But where is the value actually being created?
In the first five months of 2026, financial services reached
UZS 84.2 trillion
, nearly matching transport services at UZS 85.3 trillion.
The sector grew by
24.9% year on year
, compared with 16.5% across the overall services market. It now represents around
15.8% of all market services in Uzbekistan
—almost
one in every six soums
recorded in the services economy.
One possible driver is the rapid growth of payment activity. As of 1 July 2026, Uzbekistan had
74.6 million bank cards in circulation
, up 19.7% year on year, while POS-terminal transactions reached
UZS 322.5 trillion
in the first half of the year, rising by around 52%.
Transaction value is therefore growing much faster than the number of cards, suggesting that payment infrastructure is being used more intensively.
Still,
UZS 84.2 trillion is the volume of services provided—not banking-sector profit
. Higher activity can also bring higher funding costs, technology spending and credit-loss provisions.
The labour market tells a similar story. Average monthly pay in banking, insurance, leasing and credit activities reached
UZS 18.6 million
in the first quarter of 2026—about
2.7 times the national average
. This reflects strong demand for specialised talent, but also a higher operating cost base.
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TSE Weekly Overview (July 20 – 24, 2026)
For the week of July 20–24, 2026, RSE "Toshkent" posted a total turnover of UZS 308.7 bln, a 2.36x WoW increase, while the number of transactions rose 18.8% WoW to 19,036. Stocks dominated trading, accounting for 99% of total turnover (UZS 306.5 bln), increasing 105.7x WoW. InFinBank (TSE: INFB) led market activity with UZS 300.0 bln, representing around 97.8% of total stock turnover. Bonds accounted for the remaining 1% (UZS 2.2 bln), declining 98.0% WoW. MAKESENSE (TSE: UZUMN2B2) was the most actively traded bond with UZS 1.16 bln, followed by AGAT CREDIT (TSE: ACMT2B5) with UZS 655.7 mln.
The Main Board recorded UZS 8.7 bln in turnover across 19,035 transactions, while the NC Board accounted for UZS 300.0 bln with a single transaction. The AVEX Index reached 4,111.70, rising 0.17% WoW. Meanwhile, the AWACRI yield indicator remained unchanged at 20.17%, reflecting the absence of new bond issuances
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IMF: state-owned enterprise reform has fallen short of its target, and fiscal risks from these enterprises remain sizable
Mining holds 31% of the assets of non-financial state-owned enterprises but produces 69% of their profits and 87% of their dividends. The largest loss makers are electricity, and housing, communal services and water management — in part because these enterprises supply services to the population for which they are only partially compensated, or not compensated at all.
The Fund ran its health check on 21 non-financial enterprises whose combined assets come to about 48% of GDP. Four scored consistently below moderate risk across 2021–2023, ten sat in the moderate range, and seven scored consistently above it — those seven in electricity, gas and chemicals, driven by weaknesses in liquidity and solvency. Where the picture improved it improved for one identifiable reason: of the six companies that moved up between 2021 and 2024, five were in electricity and gas, following the administered tariff increases of May 2024. Three deteriorated.
The banking figure is the outlier against international practice. State ownership of bank assets stands at 63% against an average of about 23% across middle-income economies, and nine state-owned commercial banks hold 96% of the assets of all financial state enterprises. Roughly 84% of state enterprises operate in competitive markets — sectors such as market and shopping complexes, agriculture and agricultural product processing, and sales and services — where the Fund finds it difficult to identify a market failure that would justify state participation.
Employment at state enterprises came to 566,351, equal to 4% of total employment and 19% of central government employment. The Fund states that implementation of the 2021–2025 State-Owned Enterprise Reform Strategy has fallen short of its original target and that fiscal risks from state enterprises remain sizable.
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Avesta Investment Group admitted to the NAPP regulatory sandbox for FX-denominated corporate bonds
Avesta Investment Group has been admitted to the National Agency for Perspective Projects' (NAPP) regulatory sandbox to launch a foreign-currency bond issuance framework for local Uzbek companies. The initiative positions Avesta as underwriter and primary broker, effectively creating a new asset class for domestic investors .
The sandbox regime permits Uzbek corporates to raise capital in hard currency while keeping a domestic market structure — eliminating the traditional binary between local funding and international fundraising. It addresses a structural gap: local issuers have long faced prohibitive costs accessing cross-border debt markets, while domestic investors lacked FX-denominated corporate instruments.
«The NAPP sandbox creates a new asset class for investors and enables issuers to access financing previously constrained by traditional market structures. Uzbek companies no longer have to choose between domestic capital and hard currency — they can now deploy both in parallel.»
Dimitriy Abbasov, Director of Avesta Investment Group
The regime carries broader significance for Uzbekistan's capital-market infrastructure. As the Central Bank leans toward soum stability and managed FX regimes, the sandbox signals regulatory comfort with controlled hard-currency instruments for corporate finance. Success here could unlock financing for critical infrastructure and industrial-expansion projects currently constrained by soum-only funding.
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