March 18, 2022 (MLN): Despite higher regulatory rate cuts, Pakistan’s auto financing is up 1.3% MoM to Rs 356.7 billion in February 2022, central bank data shows.
Similarly, compared to the same month last year, the volume of auto finance was up 31% from Rs272.5 billion in February 2021, as a result of increased consumer interest led by the introduction of new models and brands by new entrants, especially in the category of cars with or more engines of 1,000 cc and Jeeps (Sports Utility Vehicles/SUVs) which offer people a wide variety of locally assembled cars.
It should be noted that passenger car sales also saw a 6% MoM increase in February 2022, clocking in at 18,054 units as opposed to 16,985 units sold in January 2022, a low base and renewed demand for low-cost cars due to the Fuel consumption. Year-on-year, vehicle sales increased 33% year-over-year compared to 13,570 units sold in February 2021.
Judging by the SBP data, for housing construction, bank financing stood at a record level of Rs 159 billion at the end of February 2022, up 78% year on year and 5% MoM, mainly due to SBP’s measures to protect housing and construction. of buildings in the country. Financing for personal use was Rs 240 billion, up 6% year-on-year, while it was down 2% MoM.
This led to total credit disbursed to consumers clocking in at Rs829.4bn in February 2022, up 28% YoY and 1% MoM.
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