Uzbek Banks See Strong Deposit Growth in Early 2026, Boosting Startup Financing Potential

The Uzbek banking sector continues to demonstrate robust growth, with total deposits across banks rising by 30.88% from the first quarter of 2025 to the same period in 2026. The aggregate deposit volume expanded from 324.1 trillion to 424.2 trillion Uzbek soms, signaling increased trust in financial institutions and a more liquid economy.

Implications for Tech Startups and Venture Capital

This surge in deposits has significant implications for the country’s innovation ecosystem. Increased liquidity within banks can translate into greater availability of funds for lending and investment, including to startups and emerging technology enterprises that are critical drivers of economic modernization. Venture capital firms and investors may find more opportunities as banks expand their corporate deposit base, potentially stimulating merger and acquisition activities in the tech sector.

Among individual banks, National Bank maintained its leadership, growing its deposit portfolio from 38 trillion to 53.4 trillion soms. Kapitalbank ranked second with 44.9 trillion soms, while Agrobank advanced from sixth to third place, increasing deposits from 21.5 trillion to 34.9 trillion soms.

The standout performer was Octobank, which recorded an exceptional 416% increase in deposits compared to Q1 2025, reaching 13.9 trillion soms. This growth moved Octobank from 22nd to 12th place in deposit rankings. Notably, Octobank’s surge was driven primarily by corporate deposits, which soared from 2 trillion to 13.4 trillion soms, reflecting growing business confidence.

"The rapid increase in corporate deposits at Octobank highlights the strengthening link between financial institutions and the business community, a positive signal for startup financing and innovation investment."

Other banks such as Uzum Bank leveraged digital ecosystems effectively, increasing deposits from 72.7 billion to 1.2 trillion soms, illustrating the impact of digital banking on financial inclusion and capital mobilization.

Several other banks, including Avo Bank, Garant Bank, Hayot Bank, and Apex Bank, also recorded solid deposit growth compared to the previous year, further expanding the country's financial base.

However, Orient Finans Bank was the only institution to experience a decline in deposits, with a 9.6% decrease totaling about 1.1 trillion soms.

Overall, the substantial increase in deposit portfolios across most Uzbek banks enhances the banking sector's capacity to support startups and innovative ventures through expanded credit availability and investment opportunities. This trend is a positive development for venture capital firms seeking to capitalize on Uzbekistan's growing startup ecosystem and for startups aiming to scale operations with reliable funding sources.