Banking sector spread increases by 3.32% YoY in June

MG News | July 24, 2023 at 08:35 PM GMT+05:00

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July 24, 2023 (MLN): The banking sector spread for the month of June 2023 has increased by 3.32% YoY and 16 basis points (bps) MoM to 7.73% as compared to a spread of 4.41% in June 2022 and 7.57% in May 2023, respectively, the State Bank of Pakistan's monthly data released on weighted average lending & deposit rates showed.

The lending rate for all banks jumped by 47bps MoM and 6.84% YoY to stand at 18.21% in June 2023.

Meanwhile, the deposit rate clocked in at 10.48%, improved by 31bps over the month while falling by 3.52% over the year in June 2022.

To note, weighted average banking spreads marked the highest quarter since 2004, jumping from a low of 4.14% in 4QCY21.

In addition, fresh lending rates stood at 20.45% during the month under review, up by 17bps MoM and 6.82% YoY, while fresh deposit rates decreased by 69bps MoM and increased by 1.65% to 10.44%.

Similarly, fresh spreads in 2QCY23 stood at 9.73%, as compared to a low of 2.86% in 3QCY15.

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