It has become known how the National Bank achieved record profits in 2024

The National Bank of Kyrgyzstan has summarized its financial results for 2024. Earlier, the regulator reported that the profit for the year amounted to 45.7 billion KGS, almost four times higher than the 2023 figure of 12.4 billion KGS. However, it has now become known what caused this unprecedented growth in profits.

According to the published report, the key drivers of growth were transactions with non-monetary gold and gold reserves. They brought the National Bank more than 37.9 billion KGS. For comparison, in 2023, the regulator earned only 33.1 million KGS from this source.

One of the main differences in the regulator's financial results in 2024 was the positive net interest income after expenses. It amounted to 618.8 million KGS, compared to a loss of 3.2 billion KGS a year earlier. The positive result was achieved both through an increase in interest income of 2.8 billion KGS (to 8.13 billion) and a reduction in interest expenses of almost 1 billion KGS.

The regulator's net commission income also increased to 117.3 million KGS, compared to 95.98 million KGS. This was against the backdrop of an increase in commission expenses by almost 10 million KGS.

Another significant fact was the increase in the regulator's other income from 473.3 million KGS to 840.6 million KGS.

At the same time, profits from foreign currency and monetary gold transactions also proved to be significant, amounting to 9.6 billion KGS. Although this figure is down from 14.8 billion in 2023, it remains a significant source of income.

As a result, the National Bank's operating income for the year amounted to 48.6 billion KGS.

At the same time, the regulator's expenses remained under control: operating expenses increased by only 14% or 357.3 million KGS, to 2.89 billion KGS. The main growth was in administrative expenses, which increased by almost 307 million KGS, and other expenses, which doubled.