Banking sector spread decreases by 7bps MoM in February

MG News | March 25, 2024 at 09:34 AM GMT+05:00

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December 26, 2023 (MLN): The banking sector spread for February 2024 has decreased by 7 basis points (bps) MoM to 6.95% as compared to a spread of 7.02% in January 2024, 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 11bps YoY as compared to a spread of 6.84% in February 2023.

The lending rate for all banks went down by 13bps MoM, while up by 3.41% YoY to stand at 18.91% in February 2024.

Moreover, the deposit rate declined to 11.95%, 7bps lower than the previous month and 3.3% higher than the previous year.

In addition, fresh lending rates stood at 20.53% during the month under review, down by 51bps MoM and up by 2.58% YoY,

Meanwhile, fresh deposit rates decreased by 68bps MoM to 9.94%.

While compared to February 2023, fresh deposit rates have increased by 8bps YoY.

As a result, the banking sector spread on fresh deposits rose 17bps MoM to 10.6% in February.

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