Tashkent, Uzbekistan (UzDaily.com) — In the first quarter of 2025, the volume of loans issued to the population of Uzbekistan reached 34.9 trillion soums, which is 74% higher than the figure for the same period in 2024, according to a report from the Central Bank of Uzbekistan.

After a period of decline observed until the end of last year, a shift in dynamics has emerged this year: a moderate acceleration in the growth rate of loan balances is being recorded. As of the end of March 2025, the increase amounted to 21.1%, which is 1.7 percentage points higher compared to the start of the year.

The largest contribution to the growth of the overall loan portfolio came from microloans, microcredits, and mortgage loans. At the same time, the volume of auto loans continued to decline, reaching a 2.4% decrease.

The expansion in lending volumes is largely driven by rising household incomes, which, in turn, has led to increased demand for various types of consumer and mortgage lending. Within the structure of loans issued over the three months, microloans accounted for 53.6%, microcredits made up 15.6%, mortgages accounted for 12.8%, auto loans comprised 10%, and the remaining 8% were other credit products.

Compared to the first quarter of last year, the volume of microloans increased 2.3 times, microcredits grew 1.9 times, and funds disbursed via credit cards rose 3.3 times. Mortgage lending volumes increased by 26.3%, while auto loan issuance decreased by 17.6%.

The Central Bank warns that such rapid expansion of consumer lending may pose risks to the financial stability of borrowers in the future.