Banking sector spread decreases by 9bps MoM in November

By MG News | December 26, 2023 at 10:22 AM GMT+05:00

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December 26, 2023 (MLN): The banking sector spread for the month of November 2023 has decreased by 9 basis points (bps) MoM to 7.63% as compared to a spread of 7.72% in October 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 1.3% YoY as compared to a spread of 6.33% in November 2022.

The lending rate for all banks went down by 7bps MoM, while up by 5.15% YoY to stand at 19.27% in November 2023.

Moreover, the deposit rate jumped to 11.65%, 3bps higher than the previous month and 3.85% higher than the previous year.

In addition, fresh lending rates stood at 21.21% during the month under review, up significantly by 1.28% MoM and up by 5.29% YoY,

Meanwhile, fresh deposit rates decreased by 7bps MoM to 10.77%.

While compared to November 2022, fresh deposit rates have increased by 3.17% YoY.

As a result, the banking sector spread on fresh deposits rose 1.35% MoM to 10.44% in November.

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