Private sector lending rises Rs196bn in a week
MG News | November 27, 2024 at 01:08 PM GMT+05:00
November 27, 2024 (MLN): Private sector credit (PSC) rose Rs196.16 billion WoW to Rs10.41 trillion as of November 15, 2024, data released by State Bank of Pakistan (SBP) showed.
That takes the cumulative flow in the current fiscal year to Rs880.37bn, compared to Rs9.53tr recorded by the end of the last fiscal year.
Private sector credit as a percentage of Gross Domestic Product (GDP) stood at 9.8% compared to 9.7% 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.
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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