Fitch Maintains Universal Bank's Rating at 'B-'
The agency retained a stable outlook and noted the bank's low share of non-performing loans and high profitability. Among the constraining factors are its limited market share and concentration of the credit portfolio.
The bank holds less than 1% of the assets in Uzbekistan's banking sector and operates primarily in the Fergana region. It provides loans to small and medium-sized businesses, issues unsecured retail loans, and handles settlement operations.
As of the end of the first half of 2026, foreign currency loans accounted for 31% of the portfolio, compared to 23% at the end of 2025. Fitch notes that some of these loans were issued to companies operating in the domestic market that do not generate foreign currency revenue.
By the end of 2025, 1% of the bank's loans were impaired; reserves fully covered this volume. The core capital ratio, calculated by Fitch, reached 18%. The agency also positively assessed the bank's profitability and liquidity.
The rating is constrained by the small scale of operations, concentration of the credit portfolio, lack of transparency in the ownership structure, and potential risks in lending to related parties.
