Banking sector spread increases by 26bps MoM in September

MG News | October 23, 2023 at 03:24 PM GMT+05:00

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October 23, 2023 (MLN): The banking sector spread for the month of September 2023 has increased by 26 basis points (bps) MoM to 7.88% as compared to a spread of 7.63% in August 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 1.84% YoY as compared to a spread of 6.05% in September 2022.

The lending rate for all banks jumped by 35bps MoM and 5.62% YoY to stand at 19.29% in September 2023.

Moreover, the deposit rate inched up to 11.41%, 9bps higher than the previous month and 3.78% higher than the previous year.

In addition, fresh lending rates stood at 20.25% during the month under review, down by 91bps MoM and up by 4.92% YoY, while fresh deposit rates increased by 38bps MoM and 1.92% YoY to 11.25%.

As a result, the banking sector spread on fresh deposits decreased by 1.29% MoM to 9% in August.

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