Banking sector spread decreases by 62bps MoM in January

MG News | February 23, 2024 at 03:58 PM GMT+05:00

0:00

February 23, 2024 (MLN): The banking sector spread for the month of January 2024 has decreased by 62 basis points (bps) MoM to 7.02% as compared to a spread of 7.64% in December 2023, the State Bank of Pakistan's monthly data released on weighted average lending & deposit rates showed.

On a yearly basis, the banking sector spread has decreased by 4bps YoY as compared to a spread of 7.06% in January 2023.

The lending rate for all banks went down by 32bps MoM, while up by 3.95% YoY to stand at 19.04% in January 2024.

Moreover, the deposit rate jumped to 12.02%, 30bps higher than the previous month and 3.99% higher than the previous year.

In addition, fresh lending rates stood at 21.04% during the month under review, down by 5bps MoM and up by 3.86% YoY,

Meanwhile, fresh deposit rates decreased by 24bps MoM to 10.64%.

While compared to January 2023, fresh deposit rates have increased by 3.15% YoY.

As a result, the banking sector spread on fresh deposits rose 19bps MoM to 10.41% in January.

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