Bank Deposits Surge to Rs. 26.3 Trillion in September 2023

The deposits of the banking sector showed persistent growth of 15 percent year-on-year (YoY), clocking in at Rs. 26.3 trillion, as per data released by the State Bank of Pakistan (SBP),

High-profit rates continue to attract depositors to the bank to invest in saving accounts, term deposit certificates, and mutual funds.

The investment made by commercial banks mainly in government securities reported a growth of 29 percent YoY in September 2023 compared to the same period last year.

Banks’ investments hit Rs. 22.62 trillion in September against Rs. 17.48 trillion in SPLY. On a month-on-month basis, investments by the banking sector showed a 2.75 percent growth compared to August when it stood at Rs. 22.01 trillion.

The commercial banks continue to park depositors’ savings in Sukuks and T-Bills, making a secured profit from the cash-hungry government at a higher lending rate.

The advances of the bank also grew by 11 percent YoY to stand at Rs. 11.85 trillion by the end of September 2023.

Meanwhile, the Advance to Deposit Ratio  (ADR) decreased to 45 percent from 48 percent in September 2022. Conversely, the investment-to-deposit ratio (IDR) surged to 86 percent YoY during the period in review.

Follow ProPakistani on Google News & scroll through your favourite content faster!

Support independent journalism

If you want to join us in our mission to share independent, global journalism to the world, we’d love to have you on our side. If you can, please support us on a monthly basis. It takes less than a minute to set up, and you can rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.

Get Alerts

Follow ProPakistani to get latest news and updates.

ProPakistani Community

Join the groups below to get latest news and updates.