Banking sector spread decreases by 64bps MoM in July
MG News | August 23, 2023 at 07:06 PM GMT+05:00
August 23, 2023 (MLN): The banking sector spread for the month of July 2023 has decreased by 64 basis points (bps) MoM to 7.09% as compared to a spread of 7.73% in June 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 increased by 1.51% YoY as compared to a spread of 5.58% in July 2022.
The lending rate for all banks jumped by 20bps MoM and 5.82% YoY to stand at 18.41% in July 2023.
Meanwhile, the deposit rate increased to 11.32%, jumping by 84bps over the month and 4.31% over the year.
In addition, fresh lending rates stood at 21.54% during the month under review, up by 1.09% MoM and 6.45% YoY, while fresh deposit rates increased by 2.32% MoM and 3.92% YoY to 12.75%.
Resultantly, the banking sector spread on fresh deposits decreased by 1.22% MoM to 8.79% in July.
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