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Bank deposits increased by 13% to Rs19.34 trillion

KARACHI: The deposits of scheduled banks increased by 13.2 percent in the first ten months of this year (January to October), while their investment increased by 21 percent, according to figures released by the State Bank of Pakistan (SBP) on Wednesday.

Since the beginning of 2021, bank deposits have climbed by Rs2.258 trillion, reaching Rs19.343 trillion at the end of October.

By the end of October, bank investments had risen to Rs13.796 trillion, an increase of 2.376 trillion since January.

Also read: The State Bank of Pakistan (SBP) publishes its yearly report on the state of the economy in Pakistan

Bank lending increased by 11 percent (or Rs927 billion) to Rs9.394 trillion, despite a strong rise in investment.

The trend shows that despite encouragement by the SBP and the government, the banks still remained mostly involved in investment business, i.e. risk-free lending to the government.

In 2020, the banking sector deposits registered a growth of 22 per cent, or Rs3.204tr, to hit an 18-year high at Rs17.876tr, according to SBP data.

However, advances remained at just 10pc (Rs332bn) of the deposits added during the year.

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