ISLAMABAD - The credit to private sector (CPS) witnessed expansion of 9.03 percent during the first eight months of the current fiscal year as against the corresponding period of last year.

The credit to private sector has seen expansion of Rs 469.2 billion during July-March (2017-18) compared to the expansion of Rs 438.6 billion in the comparable period of last year, posting average growth of 9.03pc during the period under review compared to 9.9pc  last year. On year-on-year (YoY) basis, the CPS observed growth of 15.9pc compared to 13.4pc witnessed in the same period last year.

The overall credit during July-February grew by 8.2 percent against 8.9 percent of the comparable period of last year, officials sources said here. Sector-wise growth demonstrates that loans to private sector business witnessed growth of 8.7 percent during Jul-Feb, FY2018 against 9.0 percent in same period of last year.

The credit to private sector businesses (PSBs), which availed major share of PSC, reached Rs 344.8 billion during Jul-Feb, FY2018 as compared to Rs 301.0 billion in the corresponding period of FY2017, the sources added. The broad based expansion in private sector loans during Jul-Feb FY2018 primarily in manufacturing sector received a share 59.8pc (Rs 206.3 billion), followed by textile (35.8pc or Rs123.5b), electricity, gas and water supply (16.9pc or Rs58.4b ), commerce and trade (9.6pc or Rs33.2b ), and transport, storage & communications (3.8 percent or Rs13.0 billion).

By type of finance, total loans to private sector businesses increased to Rs 344.8 billion during Jul-Feb FY2018 as compared to Rs301.0 billion in the same period last year.