Uzbek Banks See Robust Deposit Growth in Q1 2026 Led by Octobank and National Bank
Bank deposits in Uzbekistan surged 30.88% year-on-year in Q1 2026, reflecting heightened confidence and liquidity in the financial sector.
In the first quarter of 2026, Uzbekistan’s banking sector demonstrated significant growth in deposit portfolios, with all banks except for Oriyent Finans Bank reporting increases. The total volume of bank deposits rose by 30.88%, climbing from 324.1 trillion Uzbek soums in Q1 2025 to 424.2 trillion soums in Q1 2026.
Deposit Growth and Market Leaders
This surge underscores an increased trust in the banking system among individuals and businesses, alongside improved liquidity conditions within the broader economy.
Maintaining its leadership in deposit volumes, Milliy Bank expanded its deposit portfolio from 38 trillion soums to 53.4 trillion soums over the period. Kapitalbank secured the second position with deposits totaling 44.9 trillion soums. Agrobank experienced a notable rise, boosting its deposits from 21.5 trillion soums to 34.9 trillion soums, climbing from the sixth to the third rank in the deposit standings.
Octobank recorded the highest percentage growth in deposits among all banks under review. Its deposit base surged by an extraordinary 416% year-on-year, reaching 13.9 trillion soums. This robust expansion propelled Octobank’s ranking from 22nd to 12th place in terms of deposit size.
"Octobank’s deposit growth was primarily fueled by corporate deposits, which skyrocketed from 2 trillion soums to 13.4 trillion soums within one year."
Further emphasizing the dynamics, the largest absolute deposit increases were observed at Milliy Bank (+15.4 trillion soums) and Agrobank (+13.3 trillion soums), with Octobank coming in third in this metric.
Emerging Players and Decliners
Leveraging digital ecosystem capabilities, Uzum Bank also achieved a significant increase in its deposit portfolio, growing from 72.7 billion soums to 1.2 trillion soums. Other banks such as Avo Bank, Garant Bank, Hayot Bank, and Apex Bank successfully expanded their deposits compared to the same period last year.
However, Oriyent Finans Bank was the only institution to report a decline in deposits, with its portfolio shrinking by 9.6% or approximately 1.1 trillion soums.
The overall positive trend in deposit growth highlights the Uzbekistan banking sector's resilience and the confidence of depositors amid ongoing economic developments.
