NPL Data
NPLs in Asia: 2024 Data Analysis
This section draws on data from the report NPL Watch Asia: Monitoring Nonperforming Loans in Asia 2025.
In 2024, the total volume of NPLs across Asia reached approximately $700.19 billion, down marginally from $713.34 billion in 2023 (about 1.8% points) to a broadly stable credit environment across the region. However, the aggregate figure masks notable variation across subregions. East Asia remained the dominant contributor, led by the PRC and Japan, while South Asia and Central Asia recorded more pronounced increases, partly driven by loan book expansion. In contrast, NPL volumes declined overall in Southeast Asia, with improvements in Malaysia and Singapore offsetting pressures in Cambodia and Viet Nam.
Despite rising volumes in some markets, most economies maintained stable or improving NPL ratios, though persistent stress in countries like Bangladesh, Sri Lanka, and Viet Nam highlights the need for targeted reforms and stronger resolution frameworks.
Important note: Due to data limitations, not all countries within the region and subregions could be included. As a result, this analysis focus on the larger countries only—specifically those with a reported gross NPL stock exceeding $250 million as of 31 December 2024. Consequently, the total and sub-total figures presented are illustrative estimates, intended for discussion purposes only.
bn = billion, N/A = not applicable, NPL = nonperforming loan.
Notes: Original values are denominated in local currencies and converted to United States dollars ($), with exchange rates on relevant dates. The table only includes selected countries with the latest reported gross NPL stock of over $500 million as of 31 December 2022. Lower NPLs are shown in green and higher NPLs in dark brown on a graduated scale through the spectrum.
Sources: Statistics published by central banks; CEIC Data Company; and International Monetary Fund Financial Soundness Indicators. Data last accessed July 2025.
5-year context
Over the past 5 years, Asia’s NPL landscape has evolved significantly. NPLs rose temporarily in the pandemic shock in 2020 across many economies, particularly lower-income countries. However, from 2021 onward, a combination of regulatory forbearance, targeted fiscal support, and economic recovery helped stabilize asset quality. By 2024, several economies had returned to or improved upon their pre-pandemic NPL ratios, although vulnerabilities remain in certain sectors and jurisdictions.
| NPL Volume | NPL Ratio | |||||
|---|---|---|---|---|---|---|
| 2024($bln) | 2023($bln) | Variation | 2024 | 2023 | Variation | |
| East Asia | 520.35 | 525.43 | -0.97% | 1.4% | 1.5% | -0.1% |
| South Asia | 86.74 | 94.37 | -8.09% | 3.5% | 4.1% | -0.6% |
| Southeast Asia | 88.5 | 89.45 | -1.06% | 2.6% | 2.7% | -0.1% |
| Central Asia | 4.6 | 4.11 | 11.92% | 2.7% | 2.9% | -0.1% |
This subregion reported the smallest share of Asia’s NPLs, with only slightly above 1.2% of the total overall region’s NPL volumes. Total NPL volumes reached about $8.5 billion in 2024, up 10.6% from $7.68 billion in 2023. Despite this, the average NPL ratio decreased 0.3% year-on-year, to reach 3.7% in 2024.
Pakistan accounted for over half of the subregion’s NPLs volume, with $3.9 billion. While declining, the NPL ratio remained elevated at 6.3% in 2024 (down from 7.6% in 2023).
NPL volumes in Kazakhstan (10 percentage points) and Uzbekistan (21.7) also increased in 2024, although their ratios remained moderate at 3.1% and 3.9%. Armenia stood out with a 0.8% decrease in NPL volume, albeit from a low base, reaching $0.48 billion in 2024, while its NPL ratio declined to 1.2%. Azerbaijan’s NPL ratio remained stable at 1.9%.
| Latest 2024 | Latest 2023 | Variation | ||||||
|---|---|---|---|---|---|---|---|---|
| ($bln) | % subtotal | % total | ($bln) | % subtotal | ($bln) | 2024-2023% | ||
| Kazakhstan | Upper Middle | 2.09 | 45.4% | 0.3% | 1.90 | 46.2% | 0.19 | 10.0% |
| Uzbekistan | Lower Middle | 1.64 | 35.7% | 0.2% | 1.35 | 32.8% | 0.29 | 21.5% |
| Azerbaijan | Upper Middle | 0.39 | 8.5% | 0.1% | 0.37 | 9.0% | 0.02 | 5.4% |
| Armenia | Upper Middle | 0.48 | 10.4% | 0.1% | 0.49 | 11.9% | -0.01 | -2.0% |
| Over the past 5 years | Variation | ||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | 2024-2023 (pp) | ||
| Kazakhstan | Upper Middle | 6.9% | 3.3% | 3.4% | 2.9% | 3.1% | 0.2% |
| Uzbekistan | Lower Middle | 2.1% | 5.1% | 3.5% | 3.5% | 3.9% | 0.4% |
| Azerbaijan | Upper Middle | 6.1% | 4.6% | 2.6% | 1.9% | 1.9% | 0% |
| Armenia | Upper Middle | 4.5% | 1.9% | 2.8% | 2.4% | 1.2% | -1.2% |