The National Bank of Kyrgyzstan has published its financial results for 2024, revealing a record net profit of 45.7 billion soms (approximately $522 million). This figure is almost four times higher than in 2023, when the regulator’s profit stood at 12.4 billion soms (about $142 million). The latest report sheds light on the key drivers behind this exceptional financial performance, highlighting the strategic moves and operational changes that contributed to the result, Akchabar.kg reports.
According to the National Bank’s report, the significant growth in profits was primarily fueled by operations involving non-monetary gold and its reserves. These transactions generated more than 37.9 billion soms ($433 million) for the bank, a striking increase compared to the previous year, when similar operations brought in just 33.1 million soms. This surge demonstrates the growing importance of precious metals in the bank’s financial strategy and reflects global market trends where gold is increasingly seen as a safe haven asset in times of economic uncertainty.
Another notable factor in the National Bank’s financial performance was a marked improvement in its net interest income. For the first time in recent years, the bank reported a positive net interest income after deducting expenses, amounting to 618.8 million soms. This is a significant turnaround compared to 2023, when the bank faced a net interest loss of 3.2 billion soms. The improvement was achieved through a combination of higher interest income, which increased by 2.8 billion soms to 8.13 billion, and a reduction in interest expenses by nearly 1 billion soms. This shift indicates a more effective management of assets and liabilities, as well as prudent monetary policy adjustments.
The bank also reported growth in net fee and commission income, which rose from 95.98 million soms to 117.3 million soms, despite an increase in commission expenses. Other income streams saw a considerable boost as well, with miscellaneous income nearly doubling from 473.3 million soms to 840.6 million soms.
Additionally, operations involving foreign currency and monetary gold remained a key source of revenue, generating 9.6 billion soms in profit. While this figure is lower than the 14.8 billion soms reported in 2023, it still represents a significant contribution to the bank’s overall income, underscoring the importance of foreign exchange operations in the financial system.
In total, the National Bank’s operating income for 2024 reached 48.6 billion soms, reflecting the institution’s successful diversification of income streams and effective management of resources. At the same time, the bank managed to keep its expenses under control. Operating expenses rose by 14%, or 357.3 million soms, to 2.89 billion soms ($33 million), which is considered a moderate increase given the scale of operations. The main growth areas were administrative costs, which rose by 307 million soms, and other expenses, which nearly doubled.
These results highlight the National Bank’s capacity to adapt to changing market conditions, strengthen its financial position, and enhance the stability of the national economy. The bank’s performance also demonstrates its commitment to transparency and effective governance, as it continues to play a crucial role in maintaining the country’s financial system.
As of today, the official exchange rate set by the National Bank is 87.5 soms per US dollar.
CentralAsianLIGHT.org
May 29, 2025