Uzbek Banks See Significant Deposit Growth Driven by Corporate and Digital Banking
Deposit portfolios of most Uzbek banks expanded notably in early 2026, highlighting increased liquidity and trust in the banking system.
Strong Deposit Growth Reflects Digital and Corporate Banking Trends in Uzbekistan
In the first quarter of 2026, Uzbek banks (except for Orient Finans Bank) recorded substantial growth in their deposit portfolios. The total volume of deposits across the banking sector surged by 30.88%, rising from 324.1 trillion UZS to 424.2 trillion UZS compared to the same period in 2025.
This robust increase underscores growing confidence from both individuals and businesses in the banking system, as well as an expansion of liquidity within the national economy.
"The surge in deposits reflects not only greater trust in the banking sector but also the effective adoption of digital ecosystems and corporate banking services," said industry analysts.
The National Bank of Uzbekistan maintained its lead in deposit volume, increasing its portfolio from 38 trillion UZS to 53.4 trillion UZS. Kapitalbank remained the second largest with 44.9 trillion UZS in deposits, while Agrobank climbed from sixth to third place, boosting its deposits from 21.5 trillion UZS to 34.9 trillion UZS.
Among all banks, Octobank showed the most remarkable growth, with deposits soaring by an extraordinary 416% year-on-year to reach 13.9 trillion UZS. This rapid expansion propelled the bank's ranking from 22nd to 12th in the deposit standings.
Octobank's deposit growth was primarily driven by corporate deposits, which surged from 2 trillion UZS to 13.4 trillion UZS within a year, signaling strong business sector engagement.
In absolute numbers, the highest deposit increases were recorded by the National Bank (+15.4 trillion UZS) and Agrobank (+13.3 trillion UZS), with Octobank ranking third in this regard.
Leveraging digital ecosystem opportunities, Uzum Bank also achieved significant deposit growth, from 72.7 billion UZS to 1.2 trillion UZS, illustrating the impact of digital banking solutions on customer acquisition and retention.
Other banks such as Avo Bank, Garant Bank, Hayot Bank, and Apex Bank also reported notable increases in their deposit bases compared to the previous year, further indicating sector-wide momentum.
Conversely, Orient Finans Bank was the only institution to witness a decline in deposits, decreasing by 9.6% or approximately 1.1 trillion UZS, highlighting potential challenges faced in maintaining market share.
These developments illustrate the growing role of digital banking and corporate finance as key drivers of deposit growth in Uzbekistan’s financial landscape, supporting the broader digital economy and fintech innovation.
