TBC Uzbekistan Reports IFRS 3Q Results: expanding business customer base helps fuel two-sided ecosystem growth

TBC Uzbekistan, Central Asia’s leading digital financial ecosystem and part of London-listed TBC Bank Group, today announces its consolidated IFRS results for the three months ended 30 September 2026.

The ecosystem, which includes TBC Bank, the country’s largest digital bank; Payme, a market-leading payments app; TBC Nasiya, a popular Buy Now Pay Later business; TBC Sug’urta, a fast-growing digital insurance service; BILLZ, Uzbekistan’s leading retail management SaaS platform, and OLX UZ, Uzbekistan’s leading online classifieds platform, delivered strong growth, while continuing to add more business customers and expand its market-leading product range for consumers.

Key Verticals Deliver Robust Growth

TBC Uzbekistan continued to see strong user base growth across the country, with total registered users rising to 25.5 million and monthly active users reaching 6.1 million.

Growth was fastest outside the capital, with retail customers increasing 28% year-on-year in Samarkand, 27% in Namangan and 26% in Surkhandarya and Andijan. Five regions – Tashkent region, Navoi, Jizzakh, Syrdarya and Karakalpakstan – now have higher customer penetration than the capital.

Demand for digital payments and banking products and services remained strong. Total payments volume rose 46.5% year-on-year to reach UZS 43.9 trillion in the quarter, with the volume of transactions also increasing 39% year-on-year to 198 million transactions.

Flagship products, TBC Salom and TBC Osmon, recorded another quarter of triple-digit growth. The number of TBC Salom debit cards issued grew 106% year-on-year to 1.5 million, while the number of TBC Osmon credit cards issued grew to more than 241,000, up 176% year-on-year.

In Q3, TBC Uzbekistan launched TBC Salom on UZCARD, further expanding its reach beyond domestic (Humo) and international (Visa) rails.

As of 30 September 2026, TBC Salom balances accounted for 5.8% of the total deposit portfolio, which stood at UZS 6.7 trillion.

Loan Book Diversification Continues

Gross loans stood at UZS 10.7 trillion in Q3 2026, as business lending, credit cards and POS and BNPL products continued to scale.

The loan portfolio continued its diversification and at the end of Q3 business loans represented 20% of TBC Uzbekistan’s total loan portfolio, with POS/BNPL accounting for 14% and credit cards for 13%.

TBC Credit, the ecosystem’s microfinance organization, which began active operations in February 2026, in September became the third-largest company in the market in terms of assets among Uzbekistan’s 142 microfinance organizations by the Central Bank of Uzbekistan data.

Strong Demand for TBC Uzbekistan’s Expanding Offering

In Q3 2026, TBC Uzbekistan continued to see strong demand for subscription-based services, with total subscriptions rising 120% year-on-year to reach 1.2 million. On the back of this growth, TBC Uzbekistan merged its separate subscription services across its TBC Bank and Payme platform, creating a unified ecosystem subscription.

TBC Avto, launched in May 2026, blends a digital-first experience with personalized consultancy (concierge service) to simplify the traditional car-buying experience in Uzbekistan. Since its launch, TBC Avto has issued 340 loans, while the total loan portfolio stood at UZS 75.4 billion at the end of the third quarter.

Airline ticket sales through Payme Travel grew, with GMV increasing to UZS 5.6 billion, up 96% from 2Q 2026. In 3Q 2026, 20% of airline tickets were purchased using Payme’s installment or BNPL products, as this vertical continues to drive greater engagement with the ecosystem’s wider offering. Payme Travel continued to expand from a flight booking platform into a fully-fledged travel planning platform through the launch of an international tour offering and international e-SIMs.

In October 2026, TBC Uzbekistan launched Novvot, a unified cross-ecosystem loyalty program through which users can earn and spend Novvot points. Users earn points from everyday purchases and for completing in-app missions and can spend them on goods and services in both apps or exchange them for vouchers and partner offers in the Novvot Shop. Selected partners offer boosted points, while subscribers to the unified ecosystem subscription earn points at a higher rate.

Initially encompassing TBC Bank and Payme, Novvot will later be rolled out to cover all ecosystem products, including TBC Biznes and BILLZ. The program is set to reward customers for using more of the ecosystem’s products and drive everyday transaction activity, deepening engagement and creating more touchpoints through which customers interact with TBC Uzbekistan.

As of 30 September 2026, Lola, the ecosystem’s in-app AI assistant, was handling around 120,000 customer conversations a month without human involvement. Since its full rollout earlier this year, Lola has independently handled more than half a million customer interactions, consistently resolving around 50% of inbound inquiries and freeing support specialists to focus on more complex cases.

Throughout the quarter, TBC Uzbekistan began integrating OLX Uzbekistan, the country’s leading online classifieds platform, into its wider ecosystem, following the completion of its acquisition of a majority stake in July 2026. Dmitry Puchkov was appointed as OLX Uzbekistan’s new CEO, with Doniyor Turgunov, who led the company for the past ten years, remaining in a key leadership role. Combining experience in scaling large marketplaces with deep knowledge of the local market underpins the platform’s transformation program, which aims to bring financial and payment services directly into the classifieds journey while OLX continues to operate as an independent, open platform under its own brand.

TBC Biznes Continues to Scale

TBC Uzbekistan’s business vertical continued to scale throughout the quarter. The number of registered businesses grew fivefold year-on-year, with 84% located outside Tashkent city. Total active merchants rose to 23,400, up 48% year-on-year, while BILLZ processed more than UZS 7.8 trillion in transactions and increased the number of brands using its platform to more than 4,800, up 53% year-on-year.

Business customers were well distributed across both regions and industries, with Syrdarya and Andijan regions delivering the strongest growth. As of the end of Q3, the wholesale and retail sectors accounted for just over half of business customers, followed by manufacturing, ICT, agriculture and education, with professional services, transport and ICT the fastest-growing sectors.

New capabilities for business customers were added. For example, grocery businesses were given access to the BILLZ platform, and SoftPOS was introduced to enable merchants to accept card payments via smartphones without the need for a dedicated POS terminal.

Payme Loyalty also became available to merchants running loyalty programs through BILLZ, allowing customers to track bonuses and cashback, and pay via a single QR code. Through this launch, merchants gain direct access to Payme’s millions-strong customer base, while consumers benefit from having a single location to store and access loyalty cards from a range of businesses.

TBC Biznes’ fully digital payroll service, launched in July, continued to connect the business side of the ecosystem with its retail customer base. Companies providing payroll through TBC Biznes bring their workforce into the ecosystem as TBC Salom cardholders – an additional acquisition channel for the bank’s flagship retail product. TBC Uzbekistan continues to onboard companies and expand TBC Biznes’ capabilities, with business cards scheduled to launch in the coming months.

“TBC Uzbekistan delivered another strong quarter, as we continued to grow our user base, expand the range of products available to both businesses and consumers and further integrate our ecosystem to create one best-in-class experience. TBC Salom and TBC Osmon cards, our core daily banking products and the key entry points into our ecosystem, maintained triple-digit growth, with their share of our total deposit and lending portfolio continuing to increase. Total payments volume was up 46.5% year-on-year, cementing our position as the market leader in this sector. Growth in our business offering remains robust as it becomes an increasingly important part of our ecosystem, with total active merchants rising 48% year-on-year and business loans scaling to reach 20% of our total loan portfolio. New products added additional capabilities for retail and business customers, while the Novvot loyalty program and a unified subscription service are set to fuel greater customer engagement”, Nika Kurdiani, CEO of TBC Uzbekistan, noted.

Sponsored Content