Private sector credit rises by Rs117bn in a week

MG News | December 06, 2024 at 05:49 PM GMT+05:00

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December 06, 2024 (MLN): Private sector credit (PSC) rose Rs116.93 billion WoW to Rs10.53 trillion as of November 22, 2024, data released by State Bank of Pakistan (SBP) showed.

That takes the cumulative flow in the current fiscal year to Rs997.3bn.

Comparatively, credit disbursed as loans to the private sector has surged substantially, as loans amounted to Rs364.21 in the last fiscal year (FY24).

Private sector credit as a percentage of Gross Domestic Product (GDP) stood at 10% compared to 9.8% a week before and 9% on June 2024.

After remaining depressed until the third quarter of FY24, credit demand picked up from the fourth quarter onwards.

A moderate expansion in economic activity, along with banks' increased willingness to lend in order to raise their Advances to Deposit Ratio (ADR), primarily explains the rise in PSC.

Additionally, an increase in agricultural production and an uptick in LSM output, which is expected to gain further momentum in the coming months, has led industries to increase borrowing from the banking sector.

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