Banks’ advances rise 16% YoY, deposits increase 17.9% YoY in October

KARACHI: Banks report a 16% year-on-year increase in advances in October, driven by efforts to raise the advance-to-deposit ratio (ADR) to minimize tax liabilities.

According to the State Bank, total bank advances grow by 15.8% to Rs13.8 trillion in October, compared to Rs11.9 trillion in the same month of the previous year.

Advances rise by 12% from Rs12.3 trillion in September, the data shows.

Bank deposits increase by 17.9% year-on-year to Rs31.1 trillion, up from Rs26.4 trillion in October 2023. However, deposits dip by 0.7% month-on-month.