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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Private sector credit up in May, total crosses Rs. 2 trillion mark

Private sector credit up in May, total crosses Rs. 2 trillion mark

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CSE.SAS

CSE.SAS
Global Moderator
Bank loans to the private sector picked up in May 2012 from a month earlier with the outstanding private sector debt portfolio of the banking system topping two trillion rupees. Government borrowings from the Central Bank declined while loans from the banking sector picked up, latest data released from the Central Bank last Friday showed.

The Central Bank has raised policy interest rates twice this year to curb and balance of payments crisis and currency dealers told this newspaper last week that credit growth was falling as a result of high interest rates and an 18 percent cap on credit growth slapped by the Central Bank.

Standard Chartered Bank in a recent report said that banks are turning down loan applications from large corporate seeking to expand their businesses. It also said that the government was heavily borrowing from the domestic banking sector, already exceeding the target set for the year.

New loans from the domestic banking sector to the private sector amounted to Rs. 31.7 billion in May 2012, up from the Rs. 15 billion in new loans generated in April.

Total new loans to the private sector from the domestic banking sector reached Rs. 197.4 billion during the first five months of this year, which was 40.47 percent of the total new loans created in 2011.

Total outstanding credit to the private sector reached Rs. 2,018.9 billion as at end May 2012, up 36 percent from Rs. 1,484 billion a year earlier. Loans from foreign sources topped Rs. 197 billion, up 12.1 percent from a year earlier.

Government borrowings from the Central Bank fell by Rs. 22.2 billion in May after picking up by Rs. 24.7 billion the previous month. However, borrowings from the domestic banking sector grew by Rs. 15.6 billion in May, as against Rs. 4.6 billion the previous month.

Outstanding loans to the government from the Central Bank reached Rs. 329.5 billion as at end May 2012, up 243.7 percent from Rs. 95.9 billion a year earlier. The outstanding debt stock from the domestic banking system amounted to Rs. 566 billion, up 18.7 percent from Rs. 476.9 billion a year ago.

Loans to the government from off shore banking units declined 4.5 percent to Rs. 129.3 billion from Rs. 135.5 billion a year earlier.

Loans to public corporations declined 2.9 percent to Rs. 73.8 billion as at end May 2012. Loans from foreign banking sources rose 268.2 percent to Rs. 193.1 billion.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=56285

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