Uzbek Banks See Significant Deposit Growth in Q1 2026 with Octobank Leading Gains

In the first quarter of 2026, the Uzbek banking sector demonstrated robust deposit growth, with all major banks except Orient Finance Bank reporting notable increases in their deposit portfolios. The total volume of deposits across banks surged by 30.88%, rising from 324.1 trillion Uzbek soms in Q1 2025 to 424.2 trillion soms one year later.

Strong Deposit Growth Reflects Rising Confidence and Liquidity

This upward trend underscores heightened confidence from both retail and corporate clients in the banking system, alongside improved liquidity levels within the Uzbek economy.

Among the leading players, National Bank of Uzbekistan retained its top position in deposits, with its portfolio expanding from 38 trillion soms to 53.4 trillion soms. Kapitalbank secured second place holding 44.9 trillion soms in deposits.

Agrobank made a significant leap, boosting its deposit portfolio from 21.5 trillion soms to 34.9 trillion soms, thereby climbing from sixth to third in the national ranking.

"Octobank recorded the most remarkable growth, increasing deposits by 416% year-over-year and advancing from 22nd to 12th place," noted industry observers.

Octobank's dramatic rise to prominence was driven primarily by a substantial increase in corporate deposits, which grew from 2 trillion soms to 13.4 trillion soms within a single year. This surge helped elevate the bank's overall deposit portfolio to 13.9 trillion soms.

The largest absolute deposit increases occurred at National Bank (+15.4 trillion soms) and Agrobank (+13.3 trillion soms), with Octobank ranking third in terms of net growth.

Leveraging digital ecosystem capabilities, Uzum Bank also achieved considerable deposit growth, expanding from 72.7 billion soms to 1.2 trillion soms.

Other banks such as Avo Bank, Garant Bank, Hayot Bank, and Apex Bank demonstrated solid deposit increases compared to the same period last year, reflecting broad-based sectoral growth.

Conversely, Orient Finance Bank was the only institution to experience a decline in deposits, which fell by 9.6%, or approximately 1.1 trillion soms, marking a notable exception amid an otherwise expanding market.

These deposit trends offer insight into shifting market dynamics and highlight the strategic importance of corporate client acquisition and digital banking services in driving growth. For corporate executives and board members, the data signals the need to prioritize innovation, client trust, and liquidity management to maintain competitive positioning in Uzbekistan’s rapidly evolving financial landscape.