Uzbek Banks See Strong Deposit Growth in Q1 2026 Amid Competitive Shifts
Deposit portfolios of most Uzbek banks expanded significantly in early 2026, led by Octobank's remarkable corporate deposit surge.
The Uzbek banking sector continues its rapid growth trajectory, with total deposits across the industry rising by 30.88% from the first quarter of 2025 to the same period in 2026. Deposits increased from 324.1 trillion soums to 424.2 trillion soums, signaling enhanced public and corporate trust in banks amid rising liquidity in the economy.
Market Leaders and Notable Movers
Maintaining its dominant position, Milliy Bank led in deposit volumes with its portfolio growing from 38 trillion to 53.4 trillion soums. Kapitalbank retained its second place with deposits totaling 44.9 trillion soums. Agrobank demonstrated a significant leap, moving from sixth to third place by expanding deposits from 21.5 trillion to 34.9 trillion soums.
However, the most striking growth rate was recorded by Octobank, which boosted its deposit portfolio by an extraordinary 416%, rising to 13.9 trillion soums. This impressive performance propelled the bank from 22nd to 12th place in the national rankings within just one year.
"Octobank's deposit growth was primarily driven by corporate deposits, which surged from 2 trillion to 13.4 trillion soums, underscoring the bank’s strategic focus on business clients."
This emphasis on corporate deposits differentiates Octobank’s strategy and highlights its agility in capturing business liquidity. Meanwhile, Milliy Bank and Agrobank saw the highest absolute deposit increases, with gains of 15.4 trillion and 13.3 trillion soums respectively, reinforcing their strong market positions.
Digital Banking and Broader Trends
Another notable performer was Uzum Bank, which leveraged digital ecosystem opportunities to amplify its deposits from 72.7 billion to 1.2 trillion soums. Other banks—including Avo Bank, Garant Bank, Hayot Bank, and Apex Bank—also reported solid deposit growth compared to the previous year, reflecting broader sectoral expansion.
Conversely, Oriyent Finans Bank experienced a 9.6% decline in its deposit portfolio, shrinking by approximately 1.1 trillion soums, making it the only bank in the system to record a contraction during this period.
The overall trends reveal a competitive and dynamic market environment where banks are vigorously enhancing their deposit bases through targeted strategies, including corporate client engagement and digital innovation. The ability to attract and retain deposits is critical for banks’ funding stability, supporting credit expansion and overall financial sector health.
As Uzbekistan’s economy continues to develop, the banking sector’s strategic focus on diverse customer segments and technology adoption will likely shape its competitive landscape and long-term growth.
