The banking sector’s profits are concentrated among the three largest players

As of the end of July, the net profit of banks in Kyrgyzstan amounted to 18.86 billion KGS, an increase of 492.5 million KGS compared to the same period last year. However, the bulk of the income was concentrated among the three largest players — Aiyl Bank, Mbank, and Eldik Bank.

Together, these three banks earned over 11.3 billion KGS, accounting for more than 60% of the total profits of the banking sector.

• Aiyl Bank — 4.31 billion KGS (+82.1 million);
• Mbank — 4.29 billion KGS in net profit (+480.9 million year-on-year);
• Eldik Bank — 2.71 billion KGS (+668.4 million).

For comparison, the remaining 18 banks together earned just over 40% of the profits. Moreover, almost all of this was concentrated in Bakai Bank (1.9 billion), Demir Bank (1.4 billion), and KICB (1.3 billion). These three account for around 25% of the sector’s total profits.

The remaining 15 commercial banks together account for just over 15% of the total profits of the system. The largest among them, Optima Bank, earned 794.1 million KGS, which is almost one-third of this amount.

The lowest results over the seven months were shown by FinanceCredit Bank, with a profit of only 47.8 million KGS, and Tolubay, with just over 20 million KGS. Meanwhile, Kyrgyzkommerzbank ended the period with a loss of 346.6 million KGS.

It is important to note that, despite the overall growth in the sector’s profits compared to last year, nearly half of the banks recorded a decline in their revenues.

In total, ten banks earned 1.8 billion KGS less than in the same period of 2024. However, this decline was offset by other players, who together increased their profits by 2.3 billion KGS.

The key driver of growth was Eldik Bank, which accounted for around 30% of the increase in the banking system’s total profits.

Profit concentration in the banking sector continues to rise. While a year ago the three largest players accounted for around 55% of the sector’s total profits, today this figure has increased by 5 percentage points. In fact, they now accumulate the bulk of the system’s profitability, indicating a clear trend of market consolidation.

The role of the state is particularly significant, as two of the three most profitable banks are state-owned. This means that the public sector is currently setting the tone in the distribution of financial flows and shaping the development dynamics of the country’s banking system.