Banking sector spread slumps by 2.26% YoY in February
MG News | March 24, 2023 at 01:35 PM GMT+05:00
March 24, 2023 (MLN): The banking sector spread for the month of February 2023 has slumped by 2.26% YoY and 22 basis points (bps) MoM to 6.84% as compared to a spread of 4.58% in February 2022 and 7.06% in January 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 41bps MoM and 5.92% YoY to stand at 15.50% in February 2023.
Meanwhile, the deposit rate clocked in at 8.66%, improved by 63bps over the month and 3.66% over the year in February 2022.
In addition, fresh lending rates stood at 17.95% during the month under review, up by 77bps MoM and 7.61% YoY, while fresh deposit rates increased by 2.36% MoM and 4.76% to 9.85%.
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