Octobank, one of the largest private banks in Uzbekistan, has been assigned an international credit rating by the global credit rating agency S&P Global Ratings. The bank received a long-term issuer credit rating of “B-” for both local and foreign currency obligations, and a short-term rating of “B”. The outlook is stable, indicating that the rating is expected to remain unchanged over the next 12 to 18 months.
The “B-” rating reflects Octobank’s adequate ability to meet its financial commitments, even under moderate economic stress. This is particularly meaningful within a regional context, where macroeconomic fluctuations can have a significant impact on the resilience of financial institutions. The stable outlook highlights a balanced view of risks and opportunities related to the bank’s continued growth and development.
Strong Financial Performance Reinforces Confidence
Octobank’s solid financial performance in recent periods played a key role in securing this positive rating. In 2024:
Total assets increased by 33.6%, reaching UZS 3.2 trillion;
Net profit rose by 101.7%, amounting to UZS 150.7 billion;
Equity capital strengthened by 57.5%, totaling UZS 755 billion.
In the first quarter of 2025, the bank earned UZS 108.5 billion, which represents a 397.5% increase compared to the same period in 2024.
This surge in profitability reflects not only a high degree of operational efficiency but also the bank’s ability to maintain profitability under external pressure — supporting income growth and cost optimization.
A Sustainable Growth Model
By obtaining an international credit rating, Octobank further solidifies its reputation as a transparent and trustworthy institution among global investors, partners, and regulators. The rating opens up new opportunities for capital attraction, broader international cooperation, and greater client confidence.
With over 20 years of experience in Uzbekistan’s banking sector, Octobank has built a strong reputation as a tech-driven and customer-focused institution. The bank currently serves more than 3 million retail clients and 2,500 corporate clients, while actively expanding its digital infrastructure and integrating advanced fintech solutions.
About the Rating Agency
S&P Global Ratings is part of the internationally recognized “Big Three” rating agencies, alongside Fitch Ratings and Moody’s. Its credit assessments are widely relied upon by institutional investors, government bodies, and global financial institutions to evaluate credit risk and develop long-term strategic partnerships.
Receiving this rating from S&P represents a significant milestone for Octobank, affirming its strategic maturity, financial stability, and readiness for international expansion. It also contributes positively to Uzbekistan’s overall investment climate and highlights the global potential of local financial institutions.
