Bank Deposits Surge By Rs. 80 Billion in October 2023

The deposits of the banking sector showed persistent growth going up by Rs. 80 billion in October 2023, as per data released by the State Bank of Pakistan (SBP).

The deposits of the banking industry increased to Rs. 26.39 trillion by the end of October 2023 from Rs. 26.31 trillion last month (September 2023) and up Rs. 3.98 trillion or 17.8 percent year-on-year.

Banking sector deposits increased by 17.8% YoY in Oct’23

Banking deposits increased by 17.8% YoY to PKR 26.4trn as of Oct’23 (Oct’22: PKR 22.4trn), while advances also grew by 7.7% YoY to PKR 11.9trn during the same period (Oct’22: PKR 11.1trn). Investments jumped by 27.1% YoY… pic.twitter.com/1Kx4oIrA2L

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Banks’ investments hit Rs. 23.23 trillion in October against Rs. 18.28 trillion in SPLY. On a month-on-month basis, investments by the banking sector showed a 2.7 percent growth compared to September when it stood at Rs. 22.62 trillion.

The advances of the bank also grew by Rs. 846 billion or 7.7 percent YoY to stand at Rs. 11.89 trillion by the end of October 2023 compared to Rs. 11 trillion in SPLY.

Meanwhile, the Advance to Deposit Ratio (ADR) clocked in at 45.1 percent from 49.3 percent in October 2022. The investment-to-deposit ratio (IDR) surged to 88 percent during the period in review.