Commercial banks' deposits jump by 17% YoY in July
MG News | August 19, 2020 at 05:30 PM GMT+05:00
August 19, 2020 (MLN): In the month of July 2020, the total deposits held by commercial banks stood at Rs 16.12 trillion, depicting a growth of 17% YoY and a drop of 1% MoM. The same is up by 10% YTD.
According to the latest SBP data, total investment by commercial banks during the month under review surged by 24% YoY and 1% MoM to Rs 10.8 trillion, whereas, from year to date it augmented by 29%. Consequently, investment to deposits ratio increased to 67% in July’20 from 64% in July’19 and 66% in June’20.
On the other hand, total advances of commercial banks grew by 2% YoY while on sequential basis, it depicted a decline of 1% to Rs 8.1 trillion despite the aggressive cuts in interest rates by the SBP since Mar-2020. This is due to the impact of the pandemic COVID-19, which has caused the overall slowdown in the economic activity.
As a result of this, banks' advances to deposit ratio dropped to 50% in July’20 from 58% in July’19 and 51% in June’20.
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