The interest rate spread between new deposits and loans decreased to 5.51 percentage points in June, the Bank of Greece said on Wednesday.
The central bank, in a monthly report, said that the weighted average interest rate on new deposits increased to 0.31%, while the one on new loans decreased to 5.82%, and the weighted average interest rates on outstanding amounts of deposits and loans increased to 0.37% and 6.14% respectively.
The interest rate spread between outstanding amounts of deposits and loans increased to 5.77 percentage points.
The weighted average interest rate on new deposits increased by 3 basis points to 0.31%, compared to the previous month. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.02%, while the corresponding rate on deposits by non-financial corporations remained almost unchanged at 0.12%. The average interest rate on deposits from households with an agreed maturity of up to 1 year increased by 11 basis points to 1.42%. The corresponding rate on deposits by non-financial corporations increased by 18 basis points to 2.28%.
The weighted average interest rate on new loans to households and non-financial corporations decreased by 22 basis points to 5.82%. More specifically, the average interest rate on consumer loans without a defined maturity (a category that comprises credit cards, revolving loans and overdrafts) decreased by 14 basis points to 14.87%. The average interest rate on consumer loans with a defined maturity at a floating rate increased by 24 basis points to 12.58%. The average interest rate on housing loans at a floating rate increased by 20 basis points to 4.03%. The average interest rate on new corporate loans without a defined maturity increased by 8 basis points to 6.50%. The corresponding rate on loans to sole proprietors increased by 7 basis points to 7.68%. In June 2023, the average interest rate on new corporate loans with a defined maturity at a floating rate decreased by 36 basis points to 5.63%. The average interest rate on loans with a defined maturity at a floating rate to small and medium-sized enterprises (SMEs) decreased by 64 basis points to 5.49%.
The weighted average interest rate on outstanding amounts of deposits (including overnight deposits) increased by 4 basis points to 0.37%. In particular, the average interest rate on outstanding amounts of deposits with an agreed maturity of up to 2 years placed by households increased by 11 basis points to 1.36%. The corresponding rate on deposits by non-financial corporations increased by 22 basis points to 2.20%.
The weighted average interest rate on outstanding amounts of loans increased by 22 basis points to 6.14%. In particular, the average interest rate on outstanding amounts of housing loans with over 5 years’ maturity remained unchanged at 4.39%. The corresponding rate on consumer and other loans to individuals and private non-profit institutions increased by 7 basis points to 7.89%.
The average interest rate on corporate loans with over 5 years’ maturity increased by 40 basis points to 6.08%. The corresponding rate on loans to sole proprietors increased by 7 basis points to 7.06%.
SOURCE; ANA-MPA
