Banking sector spread jumps 13bps in June
MG News | July 22, 2024 at 06:03 PM GMT+05:00
July 22, 2024 (MLN): The banking sector spread has increased by 13 basis points (bps) to 7.26% in June 2024 as compared to a spread of 7.13% in the previous month, 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 37bps as compared to a spread of 7.62% in June 2023.
The lending rate for all banks went up by 5bps MoM and by 92bps YoY to stand at 19.02% in June 2024.
Meanwhile, the deposit rate stood at 11.76%, 8bps lower than the previous month and 129bps higher than the previous year.
In addition, fresh lending rates stood at 20.24% during the month under review, down by 63bps MoM and by 17bps YoY,
The fresh deposit rates increased by 7bps MoM to 10.29%. While compared to June 2023, fresh deposit rates have decreased by 14bps YoY.
As a result, the banking sector spread on fresh deposits fell 70bps MoM to 9.96% in June.
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