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Bank deposits Jan 2022 grew by 17% to Rs19.9 trillion as compared to Jan 2021

byNews Desk
February 12, 2022
in Business, Economy, Finance, Main, New
Reading Time: 2 mins read
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Bank deposits Jan 2022 grew by 17% to Rs19.9 trillion as compared to Jan 2021
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Bank deposits grew by 17% to PKR 19.9 trillion in Jan 2022 as compared to PKR 17tr in Jan 2021. The State Bank of Pakistan (SBP) reported on Thursday.

The increased bank deposits in Jan 2022 mean the revenue of banks will grow. Ultimately, the revenue of country will grow, too.

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The balance sheets of all scheduled banks showed they earned healthy profits during 2021. The increased liquidity also supported the private sector which borrowed record money during this period.

Bank deposits, Advances and Investments increased in Jan 2022 as compared to Jan 2021.

However, the higher deposits helped the banks to invest more in the government papers to earn risk-free profits.

The data shows the investment of banks increased by 26% to PKR 14.4 trillion in January. While it was only PKR 11.4 trillion in January 2021. It is because the government of Pakistan relies entirely on banks for domestic borrowing.

Recently, the government changed its strategy and started borrowing more from the non-bank sector like insurance and other corporate sectors. The government is facing liquidity problems due to restrictions from IMF not to borrow from the central bank since 2018.

The advances of the banking system also increased by 17.4% to PKR 9.944 trillion, reflecting higher borrowing by the private sector. While it was PKR 8.467 trillion in January 2021. The higher private sector borrowing is a reflection of higher economic activities in the country. Also, the government has projected to achieve a growth rate of over 5% in FY22.

The advance-to-deposit ratio slightly edged up to 49.8% in January. While it was 49.6% in January 2021.

However, the investment-to-deposit ratio went up by 546 basis points to 72.3% during the period under review from 66.8% in January 2021.

Banking is one of the best profit making industries. It achieved sustainable growth in an economy where most of the sectors are vulnerable.

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A source of economic, political, business, finance, health and sports updates.

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