Deposits in banks increase in Q1’23

Business Report :
Deposit in the country’s banking system increased, as well as the number of millionaire account holders, according to latest official statistics.
Similarly, advances from scheduled banks increased by Tk17,381 crore or 1.25% to Tk140,500 crore during the first quarter (January-March) of 2023.
According to the Bangladesh Bank statistics revealed on Tuesday, total deposit liabilities (excluding interbank items) of the scheduled banks increased by Tk25,052 crore to reach Tk161,300 crore during the quarter.
The volume of increased deposits was Tk11,639 crore and Tk2,423 crore in the previous quarter (October-December 2022) and the corresponding quarter (January-March 2022) respectively.

As the deposit was enhanced, the banks’ tendency of borrowing from the central bank declined by 6.88% year on year.
The banks altogether borrowed Tk112,000 crore from the BB at the end of the quarter under review.
The entire borrowed amount from the BB in the previous quarter was Tk120,000 crore.

Seeking anonymity, a BB official said the increase in deposits during the quarter was due to an increase in urban deposits by Tk 192.55 billion or 1.54% to Tk12.70 trillion.
The BB statistics also show that the country had seen an increase in the number of millionaires in the January to March period of 2023 despite the inflation threat fuelled by the Russia-Ukraine war and Covid-19 pandemic.
According to the data, the number of millionaire bank account holders stood at 110,192 in the first quarter of this year having an amount of Tk691,000 crore.
The number of such account holders was 109,946 in the corresponding period and these accounts had an amount of Tk677,000 crore.