Car financing in Pakistan sees first increase in 27 months

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By MG News | October 18, 2024 at 05:13 PM GMT+05:00

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October 18, 2024 (MLN): Automobile financing in Pakistan has increased to Rs227.54bn in September 2024, witnessing a rise of 0.11% MoM compared to Rs227.3bn recorded in August 2024, according to the latest data released by the central bank.

This marks the first monthly rise after 26 consecutive months of decline.

On a year-on-year basis, car financing decreased by 16.43%, as in the same period last year, the figure for financing was reported at Rs272.29bn.

This decline is mainly attributed to higher interest rates, an increase in car prices, regulative curbs for acquiring loans, and higher taxes on the import of automobiles and their parts.

Going by the data provided by the State Bank of Pakistan (SBP), consumer financing for house building stood at Rs201.8bn by the end of September 2024, down by 3.11% YoY.

Month-wise, the financing for house building has decreased by 0.3% compared to Rs202.4bn incurred in the previous month.

Meanwhile, financing for personal use clocked in at Rs240.65bn, down by 3.15% YoY while up 0.87% MoM.

Thereby, the overall credit disbursed to consumers registered a decline of 3.59% YoY to clock in at Rs809.25bn. Compared to the credit of Rs803.94bn in the previous month, consumer financing has recorded a 0.66% MoM rise.

The data released by the central bank further showed that outstanding credit to the private sector rose 4.88% YoY to Rs8.41tr in September 2024.

On a sequential basis, private sector loans reported a rise of 2.05% MoM compared to the credit of Rs8.24tr in August.

Under the credit to the private sector, the loans to the manufacturing sector clocked in at Rs4.71tr in the review period, up by 6.57% YoY and 1.72% MoM.

The borrowing from the construction sector stood at Rs205.49bn in September, up by 6.22% YoY and 6.96% MoM.

Going forward, the data further shows that loans to the agriculture, forestry, and fishing sectors rose to Rs397.26bn in the month under review, up by 6.01% YoY, and on a sequential basis, the loans to the same sector recorded growth of 0.46% MoM.

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