Banks in Uruguay - Customers and deposits - December 2024 Rankings

Uruguay's Banking Market: Deposits and Customer Growth in 2024

As of December 2024, the banking sector in Uruguay recorded a total of 3,665,799 clients, reflecting a dynamic expansion over the past year. Among them, 3,602,792 were residents, while 63,007 were non-residents. The year-on-year growth in the number of banking clients was notable, with resident clients increasing by 5.6% and non-resident clients by 2.1%.

The competitive landscape saw shifts in market share, with Banco Santander Uruguay leading the rankings in customer acquisition, gaining 0.36% in market share. BBVA Uruguay followed with an increase of 0.11%, while Banco Itaú Uruguay saw a growth of 0.05%. Banque Heritage Uruguay and Citibank N.A. Uruguay each recorded a minor but positive gain of 0.01%.

In terms of customer base, three institutions dominated the market: Banco de la República Oriental del Uruguay, Banco Itaú Uruguay, and Banco Santander Uruguay. Together, these three banks accounted for 80.93% of total banking clients. The next most significant institutions in terms of customer numbers were Scotiabank Uruguay, BBVA Uruguay, and Banco Hipotecario del Uruguay.

Total deposits in the Uruguayan banking system reached 1,846,039 million Pesos Uruguayos by the end of 2024. Of this amount, deposits from residents totaled 1,697,268 million Pesos Uruguayos, while non-resident deposits accounted for 148,771 million Pesos Uruguayos, representing 8.1% of the total deposit volume.

Deposit maturity distribution showed that short-term deposits dominated the market, with 79.7% of deposits held for 30 days or less. Medium-term deposits, ranging from 31 to 365 days, constituted 12.4% of the total, while long-term deposits exceeding one year represented 8.0%.

Foreign currency deposits remained predominant in Uruguay’s banking system, comprising 71% of total deposits, whereas deposits in local currency accounted for 29%.

In terms of market share by total deposit volume, Banco de la República Oriental del Uruguay held the largest share at 42.4%, followed by Banco Santander Uruguay with 17.3% and Banco Itaú Uruguay with 15.3%. BBVA Uruguay secured 8.7% of deposits, while Scotiabank Uruguay held 7.9%. The remaining banks collectively accounted for 8.4% of total deposits.

These figures underscore the continued expansion of Uruguay’s banking market, with significant growth in both customer base and deposits, while also highlighting the dominance of key players in the financial sector.

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