There has been a marginal increase in the number of loan accounts at deposit-taking institutions (DTIs) across Jamaica last year.

Data from the Bank of Jamaica (BOJ) shows that as at December 2023, there was a 2.3 per cent increase when compared to December 2022. This resulted in the number of loan accounts moving from 625,900 to 640,300. 

The largest increases in the number of loan accounts were seen in loans extended to local residents i.e. personal loans, and business loans extended to distribution, agriculture, and professional and other services sectors.

Savings account statistics (DTIs only)

As at December 2023, there was a 2.0 per cent increase in the number of savings accounts at DTIs when compared to December 2022. The number of savings accounts totalled approximately 4.4 million versus 4.3 million in December 2022, representing an 86,000 increase. 

Turning to dormant accounts, there was a 3.8 percentage point decline, as the percentage of dormant savings accounts closed the year at 45.0 per cent, compared to 48.8 per cent in December 2022.