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No. 9 (2026)
Marketing

Scientific articles

TIJORAT BANKLARINING INVESTITSIYA PORTFELLARIDA QIMMATLI QOGʻOZLAR TARKIBINING TAHLILI

DOI 10.67668/mj/2026iss9/2009 Pages 502-513

Published 2026-09-07

Authors
Maxametov Saitdjalolxon Azamovich
Affiliation
Fergana State Technical University image/svg+xml
Marketing jurnali — 2026-yil sentabr, 9-son
PDF (Uzbek) Google Scholar Google Scholar

Abstract

The article analyses the volume, composition and structural shifts of the investment portfolios of Uzbekistanʼs commercial banks in 2019-2024, using banklevel data of the Ahbor-Reyting rating agency. The share of investments in assets, loans, deposits and equity, their concentration across banks (CR ratios and the Herfindahl-Hirschman index), and the grouping of banks by investment intensity are assessed. The results show that bank investments grew 19-fold over five years to UZS 57.1 trillion, their share in total assets rose from 1.10% to 7.42%, and portfolio concentration declined. At the same time, an investment-to-equity ratio of 49.8% indicates the need to strengthen requirements for managing interest rate risk in the banking book. The study uses data on 30-35 commercial banks for 2019-2024, CR ratios, the HHI and modified duration. The rise to 21 banks with an investment share above 5% of assets in 2024 shows that securities investment has become routine for most banks. The article offers proposals on disclosing portfolio composition, assessing interest rate risk through stress tests and setting limits on portfolio duration.

Keywords

commercial bank, investment portfolio, securities, government bonds, portfolio structure, concentration, Herfindahl-Hirschman index, interest rate risk

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