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Profit of commercial banks almost tripled in Kyrgyzstan

Profit of commercial banks increased almost three times. The National Statistical Committee of Kyrgyzstan reported.

According to it, 632 organizations operated in the financial sector of the economy in the first quarter, including the National Bank, 23 commercial banks, 357 pawnshops, 142 microcredit organizations, 93 credit unions, 15 insurance companies and 1 specialized financial and credit organization.

«In January-March, the income of organizations in the financial sector exceeded 30 billion soms, having increased by 24 percent compared to the corresponding period last year, which was ensured by the growth in income of commercial banks. The expenses of organizations in the financial sector over the same period increased 1.5 times and amounted to 18.6 billion soms,» the National Statistical Committee noted.

The share of profitable organizations in the financial sector was 63 percent, and about 16 percent received losses.

According to the results of the first quarter, enterprises of the financial sector of the economy received a balanced profit in the amount of 11.6 billion soms, the volume of which slightly (by 1.2 percent) decreased compared to the level of the previous year.

An increase in profits in commercial banks, insurance organizations and credit organizations, and its decrease in the National Bank was registered.

Source: News Agency