“Fitch Ratings” Upgrades the Credit Rating of JSCB “Uzbek Industrial and Construction Bank”

Credit rating agency “Fitch Ratings” has upgraded the long-term 
and short-term credit ratings of “Uzbek Industrial and Construction Bank” to BB/B. Notably, this positive change follows the recent upgrade of Uzbekistan’s sovereign credit rating.
The success of this major, systemically important Bank is driven 
by expectations of continuous improvement of structural indicators, supported by the country’s ongoing reforms and stable medium-term economic growth outlook.
As part of nationwide reforms, “Uzbek Industrial and Construction Bank”
is actively implementing sustainable development and transformation processes, including:
• In 2024, the Bank‘s net profit reached UZS 1.3 trillion, with a return on equity (ROE) of 13.9%;
• For the first time in the history of Uzbekistan‘s banking and financial sector, sustainable bonds were issued under 144A/Reg S formats on the London Stock Exchange;
• Bank has continued its transformation, optimization, and alignment with international standards with the support of expert groups from international financial institutions and consultant firms;
• Share of green loans in the total loan portfolio increased to 11%;
• Bank received more than 20 international awardsfrom global financial institutions and leading industry journals.
An improvement in the Bank’s rating enhances investor confidence, strengthens its position in attracting resources from foreign partners and international capital markets, and enables the Bank to offer more favorable banking services to business entities, including better conditions for financing investments.