Banking sector spread increases by 4bps MoM in May

MG News | June 24, 2024 at 02:49 PM GMT+05:00

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June 24, 2024 (MLN): The banking sector spread for May 2024 has increased by 4 basis points (bps) MoM to 7.13% as compared to a spread of 7.09% in April 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 7.57% in May 2023.

The lending rate for all banks went up by 5bps MoM, while up by 1.23% YoY to stand at 18.97% in May 2024.

Moreover, the deposit rate jumped to 11.84%, 1bps higher than the previous month and 1.67% higher than the previous year.

In addition, fresh lending rates stood at 20.88% during the month under review, down by 23bps MoM and up by 60bps YoY,

Meanwhile, fresh deposit rates decreased by 10bps MoM to 10.22%.

While compared to May 2023, fresh deposit rates have decreased by 91bps YoY.

As a result, the banking sector spread on fresh deposits fell 13bps MoM to 10.66% in May.

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