diff --git a/system/Database/Query.php b/system/Database/Query.php
index 650a7da93193..dae2eeb11849 100644
--- a/system/Database/Query.php
+++ b/system/Database/Query.php
@@ -368,7 +368,7 @@ protected function compileBinds()
 	{
 		$sql = $this->finalQueryString;
 
-		$hasNamedBinds = strpos($sql, ':') !== false;
+		$hasNamedBinds = strpos($sql, ':') !== false && strpos($sql, ':=') === false;
 
 		if (empty($this->binds) || empty($this->bindMarker) ||
 				(strpos($sql, $this->bindMarker) === false &&
diff --git a/tests/system/Database/BaseQueryTest.php b/tests/system/Database/BaseQueryTest.php
index 7a92467c3618..4e09d49ccc24 100644
--- a/tests/system/Database/BaseQueryTest.php
+++ b/tests/system/Database/BaseQueryTest.php
@@ -316,4 +316,23 @@ public function testSetQueryBindsWithSetEscapeFalse()
 
 		$this->assertEquals($expected, $query->getQuery());
 	}
+
+	/**
+	 * @see https://github.com/codeigniter4/CodeIgniter4/issues/2762
+	 */
+	public function testSetQueryBinds()
+	{
+		$query = new Query($this->db);
+
+		$binds = [
+			1,
+			2,
+		];
+
+		$query->setQuery('SELECT @factorA := ?, @factorB := ?', $binds);
+
+		$expected = 'SELECT @factorA := 1, @factorB := 2';
+
+		$this->assertEquals($expected, $query->getQuery());
+	}
 }