As of September 2024, the Uruguayan banking market demonstrates significant growth in client base and deposit volumes, reflecting the sector's resilience and appeal, especially among both local and international clients. Uruguay's banking sector reached a total of 3,606,727 clients, with 3,543,029 residents and 63,698 non-residents. This represents a 5.4% year-over-year increase among residents and a 3.1% increase in non-resident clients. This expansion underlines a stable growth trajectory, with a robust base of resident clients driving much of this momentum.
Within this competitive landscape, five banks have achieved notable growth in their share of the client market. Banco Santander Uruguay gained the most significant market share, adding 0.27%, followed by Banco Itaú Uruguay with a 0.21% increase, and Banco de la República Oriental del Uruguay (BROU) with 0.10%. BBVA Uruguay and HSBC Uruguay also expanded their client base, with incremental increases of 0.03% and 0.01%, respectively. Dominating the client count, the top three banks—BROU, Banco Itaú Uruguay, and Banco Santander Uruguay—jointly serve 80.87% of Uruguay’s total banking clients, a testament to their strong market presence. Secondary banks such as Scotiabank Uruguay, Banco Hipotecario del Uruguay, and BBVA Uruguay also maintain a significant share of the client market.
In terms of deposits, the banking sector has accrued a total of 1,784,202 million Uruguayan pesos, distributed across resident and non-resident accounts. Non-residents contributed 141,277 million pesos, representing 7.9% of the total deposit volume, while residents accounted for 1,642,925 million pesos. Short-term deposits (0-30 days) are the preferred choice, comprising 79.7% of all deposits, with medium-term deposits (31-365 days) at 12.5% and long-term deposits (366 days and beyond) making up 7.8%. The currency distribution of these deposits reveals a strong inclination towards foreign currency, which makes up 72% of deposits, with only 28% held in Uruguayan pesos, highlighting Uruguay’s dollarized banking landscape.
BROU commands the largest share of deposit volume, holding 41.3% of the market, followed by Banco Santander Uruguay with 18.1% and Banco Itaú Uruguay with 15.3%. BBVA Uruguay and Scotiabank Uruguay hold 8.8% and 7.7% of the market, respectively, while other banks account for the remaining 8.8%. This concentration of deposits among the leading banks reflects both customer confidence and a strategic focus on long-term stability, reinforcing these institutions' pivotal roles in Uruguay's financial system.
Uruguay’s banking market in 2024 underscores a steady expansion in clientele and a dynamic deposit profile. This growth trajectory, marked by a diversified client base and a concentration of deposits in a few leading banks, demonstrates the sector’s appeal and the trust vested by both domestic and international clients.
