Tashkent, Uzbekistan (UzDaily.com) -- The net profit of the Humo payment system for the first quarter of 2024 made up 37.4 billion soums, which is 87.6% more than in the same quarter of 2023.

According to the company’s quarterly report, gross profit in annual terms increased from 25.4 billion to 46.1 billion soums (+81.4%). The company’s revenue increased by 56% and amounted to 63.2 billion soums in the reporting period.

Humo’s assets at the end of the first quarter of 2024 amounted to 308 billion soums (+17.2%), and equity capital - 295.3 billion soums (+14.6%).

National payment system Humo will be privatized in accordance with the decree of the President of Uzbekistan on additional measures to reduce state participation in the economy from 19 April 2024.

The national payment system Humo was created in September 2018 in response to a major software failure in the then only processing center Uzcard, which is a private entity. Then the need was expressed for having a state processing center to ensure the security of the national payment system and prevent monopoly dominance of one system.

According to the Central Bank, as of 1 March 2024, there are more than 47.17 million plastic cards in circulation in Uzbekistan. According to Humo, the national payment system has issued more than 23 million cards.

There are more than 200,000 Humo terminals for payments and more than 12,000 ATMs for cash withdrawals throughout the country.