Loans to non financial corporations 2022Apr

Investment credit growth strengthens

  • Over one year, the growth of investment credit strengthens again (+6.8%, after 6.3% in March and +6.1% in February), driven by its equipment component (+7.9%, after +7.3% in March and +6.7% in February).
  • The annual growth rate of treasury loans resumes with positive values (+2.5%, after -0.7% in March and -1.2% in February).
  • Overall, the annual growth rate of outstanding loans to NFCs increases by more than 1 point compared to the previous month: +5.5% in April, after +4.2% in March and +4.1% in February.
Outstanding amounts and annual growth rate (not seasonally adjusted)
(Outstanding amounts in EUR Bn, annual growth rates in %)
End-of-month level Annual growth rate
Apr- 2022 Feb- 2022 Mar-2022 Apr- 2022
Total 1,271 4.1 4.2 5.5
Investment 871 6.1 6.3 6.8
Equipment 542 6.7 7.3 7.9
Real estate 329 5.2 4.8 5.1
Treasury 332 -1.2 -0.7 2.5
Other lending 68 5.3 2.6 4.3
Monthly changes in stocks of equipment loans (seasonally adjusted flows*)
(Monthly flows in EUR Bn)
Monthly changes in stocks of treasury loans (seasonally adjusted flows *)
(Monthly flows in EUR Bn)
* Seasonal adjusted monthly net flows of other lending to NFC are allocated to treasury loans in proportion to the outstanding amounts.


Additional information
Non-financial corporations include all companies whose main activity is the production of goods and non-financial services. excluding sole proprietor and unincorporated partnerships.
Calculations are made with the aim to give the best possible image of the evolution of the lending activity:
- Loans that have been securitized or sold by credit institutions are considered as remaining in their books
- Accounting changes that are not reflecting economic transactions. in particular write-offs/write-downs. are eliminated
- The impact of statistical modifications in the scope of the MFI sector (e.g. the reclassification of an entity from the non-financial corporations sector to the government sector) is also eliminated
- As FX hedges are unknown. loans in foreign currencies are however taken into account at their face value in Euros at the end of the month
More information on time series, calendar, methodology

All statistical time series published by the Banque de France can be accessed on Webstat Banque de France

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Loans to non-financial corporations
STAT INFO - April 2022
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Loans to non financial corporations
  • Published on 05/27/2022
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Published on Friday, May 27, 2022