Best bank: DemirBank
DemirBank is Kyrgyzstan’s best bank in recognition of an impressive performance last year.
AfE 2024
To the end of December 2023, the bank generated profit of Som2.5 billion ($28.6 million) – up from Som2.2 billion in 2022 – largely driven by cost control, interest rates of 13% and strong asset growth.
Combined, these elements caused net interest income to rise to Som2.6 billion from Som1.6 billion the previous year.
Total assets grew to Som55.4 billion from Som48.9 billion in 2022, with loans to customers hitting Som2.1 billion, up from Som1.8 billion.
An important area of lending growth has been to micro, small and medium sized enterprises, which account for about 42% of the country’s gross domestic product – particularly those owned by women.
The bank, run by general manager, Sevki Sarilar, has an agreement with the International Finance Corporation to help channel funding to this segment of the economy as part of a larger effort to spur economic growth and support small-scale entrepreneurs.