Islamabad (APP): Commercial bank profits are rising in Pakistan on bigger volumes, enlarging transactions and growing businesses.
According to the latest report by the State Bank of Pakistan (SBP), the central bank, overall deposits of all commercial banks stood at Rs 10,726.66 billion on March 3 while deposits and other accounts of specialised banks stood at Rs 71.07 billion.
According to a report by Khaleej Times, total assets of banks were at Rs 14,941.67 billion.
Lending by banks rose, too, the SBP said. The gross advances of all scheduled banks stood at Rs 5,502.81 billion in the first quarter of fiscal year 2017. Lending by banks in the same period was Rs 4,835.19 billion, which was 13.8 per cent higher than the same period of fiscal year 2016.
Borrowing by all scheduled banks rose 2.8 per cent to Rs 2,025.84 billion in fiscal year 2017, compared to Rs 1,990.44 billion in fiscal year 2016.
The central bank reports a much-awaited rise to Rs 7,525.10 billion in investments by banks in fiscal year 2017, up from Rs 7,039.33 billion in the past year. It shows a rise of 6.9 per cent.
The approved foreign exchange reserves with banks were Rs 996.45 billion in March, compared to Rs 923.4 billion, a year ago, which is higher by 7.9 per cent.
All these statistics of the banking sector confirm a definite growth in all these sectors.
The report said that the economy is moving up at a good pace as stated by Finance Minister Ishaq Dar.
The index has moved from around 35,000 to the current level – nearly a whopping one-third up during three-and-a-half years of the government of pro-business Prime Minister Nawaz Sharif.
The improving health of the Pakistani economy is also testified by international rating agencies and global stock market operators who have described the Pakistan Stock Exchange as “one of the top 10 emerging markets worldwide”.
Besides other big foreign businessmen and financiers flocking to buy PSX shares, there is a growing interest of the investors from the UAE and China – part of which is related to the ongoing implementation of the $56 billion China-Pakistan Economic Corridor (CPEC).
