Loans to non financial corporations 2022Sep

Following a change in the editorial line of some Stat Info (see the press release available here, this publication is now discontinued but the corresponding time series remain available in Webstat (the Banque de France's statistics website).

Growth rate in credit remains sustained

  • Outstanding loans to non-financial corporations continues to grow at a sustained pace in September (+7.9%, up from +7.2% in August and +7.0% in July), driven by the combined dynamism of investment and treasury loans.
  • Annual growth in investment credit strengthens again (+8.1%, up from +7.8% in August), still driven by its equipment component, whose growth reaches +10.0%, up from +9.4% in August.
  • Treasury loans increases by 8.4%, up from 6.3% in August.
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
Sept- 2022 Jul-2022 Aug-2022 Sept- 2022
Total 1,306 7.0 7.2 7.9
Investment 901 7.7 7.8 8.1
Equipment 565 9.2 9.4 10.0
Real estate 336 5.2 5.2 5.1
Treasury 337 6.3 6.3 8.4
Other lending 68 3.1 3.4 2.5
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 - September 2022
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Loans to non financial corporations
  • Published on 10/26/2022
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Published on Wednesday, October 26, 2022