Beijing Jan.26 (inp) - The banking sector topped among businesses which thrived during the present times of economic crisis in Pakistan, reports China Economic Net(CEN).

  On average, banks charged 13.84% from borrowers and paid 8.71% to depositors – resulting in a spread of 5.13% in December 2019. The spreads adjust in accordance with the prevailing benchmark interest rate, but with a lag of a few months from the time changes are made in the interest rate, he said. The monetary policy committee (MPC) of the State Bank of Pakistan (SBP) may do anything, including leaving the interest rate unchanged at the prevailing eight-year high of 13.25% next week. It might increase the rate to contain the continuously increasing inflation or slightly cut the rate to let the economic activities step up in the country. According to Topline Securities, profit of banks listed at the Pakistan Stock Exchange (PSX) surged 48% to Rs45.5 billion in the third quarter (July-September) of calendar year 2019 compared to what they earned in the same quarter of 2018. Cumulatively in the nine months (January-September 2019), the profit grew 20% to Rs127.7 billion, it added. BMA Research Executive Director Saad Hashmi said the other day that there was only one sector – banks – which managed to thrive under the recent economic reforms as majority of other sectors have been hit hard due to economic slowdown in the country. “Profit of the entire banking sector is estimated to grow by a hefty 40% in the calendar year 2020,” he said. INP/javed