Banks get Rs 221b cash

LAHORE: The government raised Rs152.301 billion from the auction of Pakistan Investment Bonds held last week despite having received bids of Rs266.549 billion. It generated Rs81.032 billion from five-year bonds at a cutoff yield of 7.0492pc, Rs 63.112 billion from three year bonds at 6.3469pc and Rs 8.156 billion from 10-year bonds at 8.2505pc.

Five-year PIBs attracted the highest amount of Rs121.653 billion followed by three-year Rs110.869 billion and 10-year Rs34.027 billion. No bids were received for 20-year bonds. The State Bank of Pakistan pumped in Rs221.6 billion into the banking system on Feb 25. This injection was made in an eight-day contract at 6.07pc.

The central bank had received bids worth Rs234.6n. According to the weekly statement of position of all scheduled banks for the week ended Feb 12, 2016, deposits and other accounts of all scheduled banks stood at Rs9,363.033 billion over the preceding week`s Rs9,347.521 billion, a rise of 0.16pc. Compared with last year`s corresponding figure of Rs8398.978 billion, it was higher by 11.48pc.

Deposits and other accounts of all commercial banks rose 0.17pc to Rs9,324.016 billion against preceding week's Rs9,308.263 billion. Specialised banks' deposits and other accounts stood at Rs39.017 billion against previous week's Rs39.259 billion. Total assets of all scheduled banks stood at Rs 13,361.393 billion smaller by 0.61pc over preceding week's Rs13,442.804 billion. All commercial banks total assets dipped 0.62pc to Rs13,147.708 billion from Rs13,229.307 billion during the preceding week.

Gross advances of all scheduled banks decreased 0.17pc to Rs 4,828.434 billion from Rs4,836.479 billion during the preceding week. Advances by all commercial banks fell to Rs4,668.483 billion from Rs 4,676.925 billion in the previous week. Borrowings by all scheduled banks dropped 5.6pc to Rs1,913.770 billion from Rs2,027.356 billion during the preceding week. Commercial banks combined borrowings also declined 5.70pc to Rs1,881.085 billion from Rs1,994.683 billion in the previous week. Investments of all scheduled banks remained steady at Rs6,798.631 billion against preceding week`s Rs6796.038 billion. Compared to last year's corresponding figure of Rs5,425.490 billion, it was higher by 25.30pc.