Banking sector spread increases by 7bps in April
MG News | May 21, 2024 at 06:07 PM GMT+05:00
May 21, 2024 (MLN): The banking sector spread for April 2024 has increased by 7 basis points (bps) MoM to 7.09% as compared to a spread of 7.02% in March 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 79bps YoY as compared to a spread of 7.88% in April 2023.
The lending rate for all banks went up by 8bps MoM, and 1.35% YoY to stand at 18.92% in April 2024.
Moreover, the deposit rate inched up to 11.83%, 1bps higher than the previous month and 2.14% higher than the previous year.
In addition, fresh lending rates stood at 21.10% during the month under review, up by 28bps MoM and 89bps YoY.
Meanwhile, fresh deposit rates decreased by 10bps MoM to 10.32%.
While compared to April 2023, fresh deposit rates have dropped by 64bps YoY.
As a result, the banking sector spread on fresh deposits rose 38bps MoM to 10.79% in April.
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