Uzbek Banks See Significant Deposit Growth Amid Economic Expansion in Q1 2026
Uzbek banks reported strong deposit portfolio growth in early 2026, signaling increased liquidity and consumer confidence impacting US firms operating regionally.
In the first quarter of 2026, Uzbekistan's banking sector demonstrated robust growth in deposit portfolios across most institutions, reflecting the country’s ongoing economic development and increasing liquidity within its financial system. Except for Orient Finans Bank, all major banks recorded growth in deposits, with Octobank leading in percentage increase.
Overall, the total volume of bank deposits rose by 30.88% compared to the same period in 2025, climbing from 324.1 trillion UZS to 424.2 trillion UZS. This growth is indicative of rising trust from both individuals and businesses in the banking sector, as well as an expansion in economic liquidity.
Key Players and Deposit Growth Dynamics
National Bank of Uzbekistan retained its leadership position in deposit volumes, expanding its portfolio from 38 trillion UZS to 53.4 trillion UZS. Capital Bank remained second, holding 44.9 trillion UZS in deposits. Notably, Agrobank saw a significant increase, moving from 21.5 trillion UZS to 34.9 trillion UZS, climbing from sixth to third place in the rankings.
Octobank recorded the most dramatic rise in deposits, surging by 416% over the year to 13.9 trillion UZS. This leap elevated its rank from 22nd to 12th among Uzbek banks. The surge was primarily driven by corporate deposits, which escalated from 2 trillion UZS to 13.4 trillion UZS within a year.
In absolute terms, the highest deposit growth amounts were recorded by National Bank (+15.4 trillion UZS) and Agrobank (+13.3 trillion UZS), with Octobank ranking third.
Uzbek banks leveraging digital ecosystem capabilities also saw notable deposit increases. Uzum Bank, for instance, expanded its deposits from 72.7 billion UZS to 1.2 trillion UZS, marking a significant leap in just one year.
Other banks such as Avo Bank, Garant Bank, Hayot Bank, and Apex Bank reported substantial deposit growth compared to the previous year’s first quarter, signaling broad-based strengthening across the sector.
However, Orient Finans Bank was an exception, experiencing a 9.6% decline in deposit portfolio, decreasing by nearly 1.1 trillion UZS, making it the only Uzbek bank to report shrinking deposits during this period.
“This deposit growth signals not only increased confidence among Uzbek depositors but also presents opportunities and considerations for US companies engaged in the region’s financial and commercial sectors,” financial analysts note.
For American businesses operating or looking to invest in Uzbekistan, these developments suggest an improving financial infrastructure and a more liquid market environment, which may facilitate smoother transactions, credit access, and overall economic engagement.
The Uzbek banking sector’s expanding deposit base could also affect US financial institutions with regional exposure or partnerships, underscoring the importance of monitoring market shifts closely.
