Banking sector spread increases by 53bps MoM in August
MG News | September 27, 2023 at 10:23 AM GMT+05:00
September 27, 2023 (MLN): The banking sector spread for the month of August 2023 has increased by 53 basis points (bps) MoM to 7.63% as compared to a spread of 7.09% in July 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 1.91% YoY as compared to a spread of 5.71% in August 2022.
The lending rate for all banks jumped by 53bps MoM and 5.76% YoY to stand at 18.94% in August 2023.
Meanwhile, the deposit rate inched down to 11.31%, 1bps less than the previous month and 3.84% higher than the previous year.
In addition, fresh lending rates stood at 21.16% during the month under review, down by 38bps MoM and up by 5.84% YoY, while fresh deposit rates decreased by 1.88% MoM and increased by 1.27% YoY to 10.87%.
As a result, the banking sector spread on fresh deposits increased by 1.5% MoM to 10.29% in August.
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