The overall deposits held by scheduled banks have depicted an increase of about 15% YoY to around Rs 22.8 trillion in June 2022, as compared to Rs 19.79 trillion in the corresponding month of last year as a result of strong overseas inflows, media reported on Thursday.
Quoting the information revealed by the State Bank of Pakistan (SBP), the report says that on a monthly basis, local banks’ deposits presented a growth of 8% from Rs 21 trillion in May 2022.
Investments hiked to Rs 17.4 trillion in June 2022, depicting an upsurge of 27% on a yearly basis. While on a sequential basis, the total investments by commercial banks increased by 12% from Rs 15.5 trillion during the previous month.
As a result, banks’ investment to deposit ratio (IDR) jumped by 695bps to 76.5% by end of June 2022 as compared to 69.4% in the corresponding month last year, while on a monthly basis, it has jacked up by 282bps from 73.5%.
Moreover, demand for advances recorded a positive growth of 21% YoY during the month under review to Rs 10.9 trillion, however, on a monthly basis, it remained flat.
Read more: Deposits held by banks increased to reach Rs 20.47 trillion in March
On the other hand, the Islamabad Excise and Taxation Department smashed all the previous records of tax collection by producing more than Rs 19 billion in revenue during the financial year 2021-22 (FY22).
Excise Department Director Bilal Azam stated that record tax collection became possible because of the introduction of modern technology which helped the public by making the process of filing taxes easier and simpler.
He added that the collection rose by 72% to Rs 19 billion against Rs 11 billion collected during the last financial year (FY21).
“This amount includes Rs 6 billion collected for the Federal Board of Revenue (FBR) during the last fiscal year,” Bilal Azam added.
He said that during the past five years, tax collection had increased by three hundred times, moving from Rs 5 billion to Rs 19 billion.
