Banking Sector Deposits Increase to Rs. 27.5 Trillion in January 2024

Banking sector deposits continue to show solid growth in the first month of calendar year 2024. According to the State Bank of Pakistan (SBP), the deposits of the banking industry increased to Rs. 27.5 trillion in January 2024, up by 21 percent year-on-year compared to Rs. 22.8 trillion in January 2023. The investment of the banks surged to Rs. 25.6 trillion in January 2024 as compared to Rs. 19.3 trillion in the same period last year, showing an improvement of 32.7 percent YoY. The advances of the banks reflected a growth of 3.7 percent YoY from Rs. 11.6 trillion in January 2023 to Rs. 12 trillion in January 2024. The advance-to-deposit ratio decreased to 43.9 percent from 51.2 percent in SPLY. The investment-to-deposit ratio surged to 93 percent in January 2024 from 84.8 percent reported last year.