Euroxx: Credit Contraction of Greek Banks at 1.9% y-o-y in April ‘16

According to the latest data released by Bank of Greece, total credit dropped by 0.2% m-o-m and 1.9% y-o-y (March: -2.1% y-o-y) to €202.1bn in April ‘16. Net flow remained negative, although on a decelerating pace, on net deductions of €117m from net outflows of €146m in March ’16.

In particular,

Ø  Corporate lending remained flattish (-0.1%) m-o-m and down by 1% y-o-y to €95.7bn, accounting for 47.4% of total credit. Net flows remained positive in April at €118m from €224m a month ago.

Ø  Loans to sole proprietors eased by 0.4% m-o-m and decreased by1.3% y-o-y to €13.3bn, accounting for 6.6% of total credit. Net flows remained negative at €46m from net deductions of €9m a month ago.

Ø  Individuals & private non-profit institutions’ lending remained flattish m-o-m (-0.2%) and dropped by 2.9% y-o-y (March ‘16: -3% y-o-y) to €93.1bn, accounting for 46.1% of total credit. Monthly net deductions settled at €189m in April ’16 from €361m in March.

Ø  Outstanding balances in housing loans remained flattish m-o-m (-0.3%) and dropped by 3.3% y-o-y to €66.4bn. Housing loans account for 71.3% of household lending and 32.8% of total credit. Deductions reached€178m in April ’16 from €214m in March.

Ø  Consumer credit remained almost unchanged m-o-m (-0.1%), while dropped by 1.6% y-o-y (March ‘16: -1.7% y-o-y) to €25.3bn. Consumer credit accounts for 27.2% of household lending and 12.5% of total credit. Net flows remained negative in April ‘16, on deductions of €14m vs deductions of €47m in March ‘16.

 

Source: Euroxx Research, research@euroxx.gr

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