Banking sector spread increases by 15bps MoM in March

MG News | April 22, 2024 at 03:29 PM GMT+05:00

0:00

April 22, 2024 (MLN): The banking sector spread for March 2024 has increased by 15 basis points (bps) MoM to 7.1% as compared to a spread of 6.95% in February 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 decreased by 44bps YoY as compared to a spread of 7.54% in March 2023.

The lending rate for all banks went up by 3bps MoM and 268bps YoY to stand at 18.94% in March 2024.

Meanwhile, the deposit rate declined to 11.84%, 12bps lower than the previous month while 312bps higher than the previous year.

In addition, fresh lending rates stood at 20.85% during the month under review, up by 32bps MoM and 278bps YoY,

Meanwhile, fresh deposit rates increased by 48bps MoM to 10.41%.

While compared to March 2023, fresh deposit rates have increased by 227bps YoY.

As a result, the banking sector spread on fresh deposits fell 16bps MoM to 10.44% in March.

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