Loans to non financial corporations 2022Jul

Credit to NFCs remains strong

  • The annual growth rate of outstanding loans to non-financial corporations continue to grow at a sustained pace in July: +7.0%, up from +6.5% in June and +5.9% in May.
  • Growth in investment credit is particularly strong: +7.8% in July, up from 7.1% in June, driven in particular by its "equipment" component, whose growth (+9.3%) reaches its highest level since the beginning of 2009.
  • Growth in treasury loans is almost stable: +6.0%, down from +6.1% in June.
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
July-2022 May-2022 Jun-2022 July-2022
Total 1,299 5.9 6.5 7.0
Investment 894 7.0 7.1 7.8
Equipment 560 8.5 8.5 9.3
Real estate 334 4.5 4.9 5.2
Treasury 337 3.8 6.1 6.0
Other lending 68 3.4 0.9 3.1
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

Publication available under Apple and Android
Loans to non-financial corporations
STAT INFO - July 2022
Contact Banque de France
Download the PDF version of the document