SBP reports 20.8 per cent YoY increase in bank deposits

WEB DESK: In June 2024, total deposits held by scheduled banks in Pakistan surged by 20.8 per cent year-on-year to reach Rs30.81 trillion, up from Rs25.51 trillion in June 2023, according to data released by the State Bank of Pakistan (SBP).

On a month-to-month basis, deposits increased by 4.99 per cent from Rs29.35 trillion in May 2024.

Total advances also saw growth, rising by 2.01 per cent year-on-year to Rs12.45 trillion from Rs12.2 trillion. Monthly, advances went up by 2.28 per cent from Rs12.17 trillion in May 2024.

The Advances to Deposit Ratio (ADR) dropped to 40.4 per cent, reflecting a decrease of 744 basis points (bps) year-on-year and a 107 bps decrease month-on-month.

Scheduled banks’ total investments climbed significantly, standing at Rs30.15 trillion in June 2024 compared to Rs20.9 trillion a year earlier, marking a year-on-year increase of 44.29 per cent. Compared to May 2024’s Rs28.92 trillion, this represented a 4.24 per cent month-on-month rise.

The Investment to Deposit Ratio (IDR) increased by 1,593 bps year-on-year to 97.85 per cent in June 2024 but saw a slight decrease of 70 bps compared to the previous month.

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