Non-banking finance institutions (NBFIs) saw a surge in deposits but drop in the number of accounts with them, as of the end of the second quarter (April-June) quarter this year.
Deposit accounts with the country's nonbank finance companies (NBFCs) fell over 11% in the quarter compared to the previous quarter to March 2024, according to the latest report from Bangladesh Bank.
However, despite the decline in account numbers, total deposits grew by nearly 2% during the period.
As of June, the central bank's statistics reveal that the number of deposit accounts stood at 379,700.
Meanwhile, total deposits amounted to Tk4,512 crore, marking a growth of 1.83%.
The decrease in deposit accounts was driven primarily by a decline in individual accounts, both male and female, across the country's 35 nonbank finance companies, formerly known as nonbank financial institutions (NBFIs).
Male individual accounts dropped over 14.5%, totaling 226,600, while female ones decreased by 8.2% to 4,566.
These finance companies are authorized to collect fixed deposits from individuals and provide loans to support economic activities.
By contrast to the decline in individual accounts, deposit growth from enterprises-both male and female-owned-has driven the overall increase in deposits with NBFCs.
Fixed deposits, which account for nearly 97% of total deposits (Tk4,375 crore), grew by approximately 2% during this period.
Male enterprise deposits grew by 2.73% to Tk2,582 crore, making up 57.24% of the total deposited funds.
Female enterprise deposits saw stronger growth, rising by over 5% to Tk637 crore.
According to Bangladesh Bank data, the weighted average deposit rate for NBFis was 9.98% in July, while the lending rate stood at 13.01%.
