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.
