Bank Savings Growth to Rebound After Last Year's Slump

Savings growth for banks has the opportunity to improve this year after a slump throughout last year. Loose monetary policies by central banks worldwide are also expected to be a driving factor.

Fahmi Ahmad Burhan & Emanuel Berkah Caesario

1 Feb 2024 - 18.13
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Bank Savings Growth to Rebound After Last Year's Slump

Illustration - A bank employee was calculating the amount of a customer's deposit in US dollars./Bisnis

Bisnis, JAKARTA — After continuously weakening throughout last year, 2023, the growth rate of banking savings is expected to normalize this year, although it won’t reach levels seen during the pandemic. Higher savings growth will also guarantee liquidity stability in this industry.

According to the Financial Services Authority (OJK), the growth rate of third-party funds (DPK) in the banking sector has slumped throughout 2023, which has been evident since early 2023.

In January 2023, DPK in the banking industry only grew by 8.5 percent year-on-year (YoY), slowing down compared to the end of 2022, which grew by 9.01 percent YoY. Since then, DPK growth has declined, reaching only 3.04 percent YoY by November 2023.

At the same time, the credit growth rate has tended to accelerate, although credit growth did slow down at the beginning of 2023 with a growth rate of 10.53 percent YoY in January 2023, compared to 11.35 percent in December 2022.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.