Auto financing hits all-time high
Consumer appetite to purchase cars financed by banks grows due to low interest rate
The demand may continue to ramp up in the wake of offer for car financing to non-resident Pakistanis for their family mem-bers in the country recently. PHOTO: FILE
KARACHI:
Auto financing by banks hit an all-time high of Rs297.5 billion in Pakistan as consumers’ appetite for owning a vehicle shifted to top gear apparently due to availability of the financing at comparatively low interest rate despite the Covid-19 pandemic related financial risks.
The euphoria to own a car soared to a new peak in the backdrop of introduction of new models and brands by new entrants especially in the category of cars of or above 1,000cc engines and jeep (Sports Utility Vehicles/SUVs) segments.
Bank deposits increase by 16.5% in one year: SBP
>Total deposits in the nation’s banks grew by 16.5% over the past year to Rs17.08 trillion in January 2021, as a majority of businesses and households opted to avoid non-essential spending and saved a maximum amount to fight unforeseen challenges during the COVID-19 pandemic.
Bank deposits had stood at Rs14.67 trillion at the end of January 2020, the State Bank of Pakistan (SBP) reported.
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A large number of businesses and households did not make unnecessary expenditures during the uncertain times of Covid-19. They opted to save money and park the savings in banks. This led to a rapid growth in deposits of banks,” Meezan Bank Product Development and Shariah Compliance Senior Executive Vice President Ahmed Ali Siddiqui told
Bank deposits grow 16.5% in one year
Most businesses, individuals opted to save money amid Covid outbreak
Banks’ lending . PHOTO: FILE
KARACHI:
Total deposits in banks grew 16.5% over the last one year to Rs17.08 trillion in January 2021, as a majority of businesses and households opted to avoid non-essential spending and saved a maximum amount to fight unforeseen challenges during the Covid-19 pandemic.
Bank deposits had stood at Rs14.67 trillion at the end of January 2020, the State Bank of Pakistan (SBP) reported.
“A large number of businesses and households did not make unnecessary expenditures during the uncertain times of Covid-19.
They opted to save money and park the savings in banks. This led to a rapid growth in deposits of banks,” Meezan Bank Product Development and Shariah Compliance Senior Executive Vice President Ahmed Ali Siddiqui told The Express Tribune. Businesses kept their expansion plans on hold and waited for the return of economic stability.