Uzbek Banks See 30.9% Growth in Deposits in Q1 2026, Octobank Leads with 416% Surge

In the first quarter of 2026, the Uzbek banking sector experienced notable growth in deposit volumes, reflecting increased confidence from both retail and corporate clients. According to recent data, total deposits across banks, excluding Orient Finans Bank, rose by 30.88%, climbing from 324.1 trillion soums to 424.2 trillion soums.

This surge highlights enhanced liquidity within the economy and growing trust in the banking system. Most banks reported positive deposit portfolio growth, with Octobank recording an exceptional 416% increase, the highest among its peers.

Sector Leaders and Notable Movers

Maintaining its leadership position, Milliy Bank's deposit portfolio expanded from 38 trillion soums to 53.4 trillion soums, marking the largest absolute increase of 15.4 trillion soums. Kapitalbank held the second position with deposits totaling 44.9 trillion soums.

Agrobank demonstrated remarkable progression by boosting its deposits from 21.5 trillion soums to 34.9 trillion soums, climbing from sixth to third place in the rankings. The deposit gains of Agrobank amounted to 13.3 trillion soums.

Octobank's dramatic rise—from 22nd to 12th in the rankings—was driven predominantly by corporate deposits, which soared from 2 trillion soums to 13.4 trillion soums within one year. The bank’s total deposit portfolio reached 13.9 trillion soums in Q1 2026.

“Octobank’s growth was fueled by a strategic focus on corporate clients, resulting in a 416% increase in deposits compared to the previous year,” said an industry analyst.

Other banks also achieved substantial deposit growth leveraging digital ecosystems. Uzum Bank's deposits surged from 72.7 billion soums to 1.2 trillion soums, marking a significant digital-driven expansion. Additionally, Avo Bank, Garant Bank, Hayot Bank, and Apex Bank recorded notable increases compared to the corresponding period last year.

However, Orient Finans Bank was the sole institution to experience a deposit contraction, with a 9.6% decline equating to nearly 1.1 trillion soums.

Market Implications and Outlook

The robust deposit growth across most banks signals strong liquidity and capital inflows into Uzbekistan’s financial system. This trend supports ongoing credit expansion potential and reflects improving financial sector stability.

Market participants are advised to monitor the evolving sector dynamics, particularly the aggressive deposit accumulation by mid-tier banks like Octobank and Agrobank, which may indicate shifts in sector rotation and competitive positioning.