Uzbek Banks See Significant Deposit Growth in Q1 2026, Octobank Leads Gains
Uzbekistan’s banking sector reported a 30.9% increase in deposits with Octobank showing a remarkable 416% surge, signaling shifting investor confidence patterns.
The banking sector in Uzbekistan is demonstrating strong growth momentum as of the first quarter of 2026. Total deposits across banks, excluding Oriyent Finans Bank, have surged by nearly 31%, rising from 324.1 trillion UZS to 424.2 trillion UZS compared to the same period last year. This robust increase reflects heightened trust from both individuals and businesses, alongside increased liquidity in the economy.
Sector Leaders and Notable Growth
Maintaining its leading position, Milliy Bank’s deposit portfolio expanded from 38 trillion UZS to 53.4 trillion UZS. Kapitalbank retained second place with deposits totaling 44.9 trillion UZS. Agrobank showed notable improvement, climbing from sixth to third position by increasing deposits from 21.5 trillion UZS to 34.9 trillion UZS.
Octobank stood out as the top performer by deposit growth rate, with a staggering 416% increase, boosting its deposit base to 13.9 trillion UZS and advancing its ranking from 22nd to 12th. This surge was predominantly driven by corporate deposits, which climbed from 2 trillion UZS to 13.4 trillion UZS within a year.
"Octobank’s extraordinary deposit growth underscores a strategic shift in corporate banking preferences and signals increasing sectoral rotation within Uzbekistan’s financial markets."
In terms of absolute deposit growth, Milliy Bank and Agrobank led with increases of 15.4 trillion UZS and 13.3 trillion UZS respectively, while Octobank followed closely behind.
Digital Banking and Broader Sector Trends
Digital innovation is also influencing deposit trends. Uzum Bank, leveraging digital ecosystem capabilities, increased its deposits from a modest 72.7 billion UZS to 1.2 trillion UZS, marking a significant leap for a digital-first institution.
Other banks such as Avo Bank, Garant Bank, Hayot Bank, and Apex Bank also achieved notable deposit growth compared to the previous year, reflecting a broader positive trend in the sector.
However, Oriyent Finans Bank was the sole institution to experience a decline in deposits, with a 9.6% drop, equivalent to roughly 1.1 trillion UZS, indicating some unevenness in market confidence.
These deposit trends have important implications for market participants and equity analysts tracking Uzbekistan’s banking sector. The substantial inflows into specific banks, particularly Octobank’s surge in corporate deposits, suggest possible sector rotation and shifting risk appetite among investors.
Transaction volumes and equity valuations in the banking sector are likely to reflect these underlying deposit movements, emphasizing the importance for market watchers to monitor deposit growth as a leading indicator of financial sector health and investment potential.
