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Private Sector Bank Loans Cross Rs. 9.2 Trillion in FY24

In the ongoing fiscal year 2023-24, total bank loans to the private sector have surpassed Rs. 9.2 trillion, up from Rs. 9.17 trillion at the close of FY23.

As per the State Bank of Pakistan (SBP), private sector net borrowing amounted to Rs. 57.8 billion between July and December 22, 2023, marking a substantial decrease from the Rs. 267 billion reported during the same period last year – a year-on-year decline of 78.3 percent, equivalent to Rs. 209.4 billion.

SBP Reserves Surge by Over $1.3 Billion in Just Two Weeks The SBP reports that conventional banking branches extended loans of Rs. 1.762 billion to the private sector from July to December 22, 2023, compared to Rs. 349.8 billion in the corresponding period of the previous year.

Read more:World Bank Urges Urgent Change in Pakistan’s Economic Model

Financing from Islamic banks witnessed a 25 percent year-on-year decline, decreasing from Rs. 50.9 billion in the previous year to Rs. 38.05 billion in the current year. Islamic banking branches of conventional banks provided credit amounting to Rs. 17.97 billion during the reviewed period, a notable contrast to the negative impact of Rs. 133.5 billion in the same period last year.

In the first half of FY24, the government repaid Rs. 373 billion to the central bank, while simultaneously borrowing Rs. 3.1 trillion from scheduled banks for budgetary support.