Bad loans surge Rs71bn in 2023
MG News | April 26, 2024 at 11:04 AM GMT+05:00
April 26, 2024 (MLN): The non-performing loans (NPLs) of the banking sector surged by Rs70.8 billion or 7.7% YoY in 2023, data released by the State Bank of Pakistan (SBP) showed.
By the end of 2023, the total bad loans stood at Rs994.82bn as compared to Rs924.04bn in 2022.
According to the data, Textile industry—the country's largest contributor to exports— stood as the largest defaulter, with NPLs worth Rs182bn by the end of 2023.
This shows an increase of Rs18.1bn or 11% YoY.
Other sectors reporting increases in non-performing loans included Agribusiness, with their defaults rising to Rs65.9bn, a YoY rise of Rs5.4bn or 9%.
Electronics and Auto sector’s defaults increased to Rs25.9bn and Rs19.3bn by the end of 2023, a rise of Rs1.7bn (6.8% YoY) and Rs1.5bn (8.3% YoY), respectively.
On the other hand, bad loans for the Sugar sector fell to Rs53.2bn, a fall of Rs5.2bn (-9% YoY). While NPLs of Production/Transmission of Energy declined to Rs82.6bn, a decrease of Rs2.9bn (-3.4% YoY).
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