Banking sector spread inches down by 1bps MoM in December

MG News | January 24, 2024 at 04:48 PM GMT+05:00

0:00

January 24, 2024 (MLN): The banking sector spread for the month of December 2023 has decreased by 1 basis points (bps) MoM to 7.62% as compared to a spread of 7.63% in November 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 1.35% YoY as compared to a spread of 6.27% in December 2022.

The lending rate for all banks went up by 7bps MoM, while up by 4.63% YoY to stand at 19.34% in December 2023.

Moreover, the deposit rate jumped to 11.72%, 8bps higher than the previous month and 3.29% higher than the previous year.

In addition, fresh lending rates stood at 21.1% during the month under review, down by 11bps MoM and up by 4.56% YoY,

Meanwhile, fresh deposit rates increased by 11bps MoM to 10.88%.

While compared to December 2022, fresh deposit rates have increased by 2.92% YoY.

As a result, the banking sector spread on fresh deposits fell 22bps MoM to 10.22% in December.

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