Tashkent, Uzbekistan (UzDaily.com) — In 2024, Uzbekistan experienced a moderate deceleration in the pace of corporate lending growth, according to data from the Central Bank’s Financial Stability Report.

By the end of December, the total volume of loans extended to enterprises reached 355.6 trillion soums, marking a 10.2% increase compared to the beginning of the year. For comparison, the growth rate in 2023 was 11.7%. At the same time, the ratio of corporate loans to GDP fell to 24%, which is 2.4 percentage points lower than the previous year’s figure. More than 10% of all corporate borrowing is attributed to the industrial sector.

The majority of loans—64%—were issued in foreign currency, indicating a persistently high level of dollarization. However, this indicator decreased by 1.4 percentage points compared to 2023. The average interest rate on foreign currency corporate loans rose to 10.1%, increasing by 0.6% over the year. The peak was reached in the third quarter (10.3%), followed by a slight decline in rates during October–December.

At the same time, there is an increase in the debt burden on large enterprises. According to reports from the 200 largest joint-stock companies, the ratio of financial liabilities to assets reached 206% in September 2024, which is 8 percentage points higher than a year earlier.

Additionally, the interest coverage ratio, reflecting companies’ ability to service their debt, declined. By the end of the third quarter, it stood at 249%, nearly half of what it was in the same period of 2023.

Return on equity (ROE) also decreased—to 8%, which is 2 percentage points lower than the previous year. Return on assets (ROA) fell to 5%, down by 1%. The lowest ROE values were recorded in the first quarter of the year (around 6.5%), after which the indicator improved somewhat.