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Business

December 7, 2017

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MFBs’ deposits increase 10.18pc

KARACHI: Deposits at microfinance banks surged 10.18 percent to Rs162 billion in the third quarter of 2017, figures from the State Bank of Pakistan’s (SBP) quarterly compendium showed on Wednesday.
The deposits stood at Rs147 billion in the previous quarter. Analysts said microfinance banks’ deposits were growing as poor people prefer to put their meagre savings in the bank, which is a healthy sign for financial inclusion in the country.
The SBP has enhanced quarterly compendium and started providing a detailed coverage on performance and soundness of microfinance banks (MFBs), considering the growing importance of financial inclusion.
Earlier, some broad numbers on MFBs have been published by SBP as part of its publications including “Develo-pment Finance Reviews” and “Financial Stability Review”. The enhanced quarterly compendium provides detailed information on performance and financial soundness of MFBs, in addition to coverage of banking system, Islamic banks and development finance institutions.

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