Banking Sector Deposits Near Rs. 28 Trillion in February 2024

Banking sector deposits have maintained their steady growth since the turn of the new year, posting a 22 percent year-on-year growth in February 2024. According to the State Bank of Pakistan (SBP), the deposits of the banking industry increased to Rs. 27.9 trillion in February 2024, up by Rs. 5 trillion compared to Rs. 22.9 trillion in the same period last year. On a month-0n-month basis, deposits show a 1.3 percent increase from Rs. 27.5 trillion reported in January 2024. Bank investments surged to Rs. 25.4 trillion in February 2024 compared to Rs. 19 trillion in the same period last year, showing an improvement of 34 percent YoY. The advances of the banks recorded a growth of 3 percent YoY from Rs. 11.7 trillion in February 2023 to Rs. 12.1 trillion in February 2024. The advance-to-deposit ratio decreased by 789 basis points to 43.3 percent from 51.1 percent in SPLY. The investment-to-deposit ratio surged to 91.3 percent in February 2024 from 82.9 percent reported last year.