Banking sector spread falls 379bps in Oct

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MG News | November 22, 2024 at 12:48 PM GMT+05:00

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November 22, 2024 (MLN): The banking sector spread decreased by 379 basis points to 5.01 percentage points in October compared to a spread of 8.80 percentage points last month as the lending rate fell while the deposit rate rose.

The return on bank deposits increased by 74bps to 10.27% in October 2024 compared to the deposit rate of 9.54% last month, according to the latest official data.

On a yearly basis, the weighted average rate paid for fresh deposits by the banking sector decreased by 54bps compared to the return of 10.82% last year.

Meanwhile, the lending rate for all scheduled banks stood at 15.28%, down 305bps compared to September. While it fell 459bps compared to the same month of last year.

However, the real deposit rate, after adjusting for inflation, stood at -6.39%, an increase of 238bps compared to last month. While it rose 1,278bps compared to the same month of last year.

Despite the increase, depositors are still losing money after adjusting for one of Asia's highest inflation.

The real lending rate stood at -1.39%, a decline of 141bps compared to last month. While it increased 874bps compared to the same month of last year.

Copyright Mettis Link News

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