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Banking Sector Witnesses Sustained Growth in Deposits and Investments

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According to recent data released by the State Bank of Pakistan (SBP), the banking sector in Pakistan continued its upward trajectory in October 2023, with deposits experiencing a robust increase of Rs. 80 billion.

The total deposits of the banking industry reached Rs. 26.39 trillion at the end of October 2023, showcasing steady growth from Rs. 26.31 trillion recorded in September 2023. On a year-on-year basis, this represents a significant uptick of Rs. 3.98 trillion or 17.8 percent.

Banks’ investments surged to Rs. 23.23 trillion in October, a noteworthy rise from Rs. 18.28 trillion in the same period last year. Month-on-month, banking sector investments demonstrated a 2.7 percent growth compared to September when it stood at Rs. 22.62 trillion.

Check Also: Pakistan’s Public Debt Surges by 26% to Reach Rs. 62.29 Trillion in One Year

The advances of the banks also saw substantial growth, increasing by Rs. 846 billion or 7.7 percent year-on-year, reaching Rs. 11.89 trillion by the end of October 2023 compared to Rs. 11 trillion in the same period last year.

The Advance to Deposit Ratio (ADR) was recorded at 45.1 percent, down from 49.3 percent in October 2022, indicating a strategic balance in the deployment of funds. Simultaneously, the Investment-to-Deposit Ratio (IDR) experienced a surge, reaching 88 percent during the period under review.

This positive momentum in deposits, investments, and advances underscores the resilience and growth potential of the banking sector, contributing to the overall stability and development of Pakistan’s financial landscape.



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