Banking sector deposits during 2020 increased by 22 per cent or Rs3.204 trillion to hit an 18-year high at Rs17.876tr. Reuters/File
KARACHI: Banking sector deposits during 2020 increased by 22 per cent or Rs3.204 trillion to hit an 18-year high at Rs17.876tr, latest data released by the State Bank of Pakistan (SBP) showed.
On the other hand, despite a significant increase in deposits, the banks failed to energise the economy as advances remained at just 10pc of the deposits added during 2020.
As per the SBP data, the banking sector advances during 2020 were Rs332bn.
Meanwhile, the banks used higher advances to invest in government papers. During 2020, the banks invested Rs3.186tr in T-bills and Pakistan Investment Bonds, taking the total investment in the government papers to Rs11.552tr.
Market watch: PSX shoots to over 2.5-year high
Benchmark KSE-100 index soars 502.99 points to settle at 45,153.42
PHOTO: ONLINE
KARACHI:
The stock market achieved a major milestone as the benchmark KSE-100 index surged over 500 points and powered past the 45,000-point barrier for the first time since May 2018.
The market was buoyed by strong investors’ interest, which lifted trading volumes to 664.5 million shares. Bulls reigned supreme and stock investors welcomed the government’s decision on partial settlement of circular debt with the independent power producers (IPPs).
The rise was also attributed to upbeat data of petroleum product sales which rose in double digits. Oil sales were up 16% to 1.59 million tons in December 2020 compared to 1.37 million tons in the same month of 2019.
Market watch: Impressive rally takes KSE-100 above 43,000 tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.