Financing of entreprises 2023Nov
Published on the 11th of January 2024
Bank loan to NFCs remains buoyant
- In November 2023, bank credit continues to grow at a rate in excess of 2% (+2.7% year-on-year, after +2.1% in October and +2.9% in September), driven by a slight rebound in treasury loans (+2.1 bn€) and sustained growth in investment loans (+4.5 bn€).
- The annual growth rate for securities other than shares is +1.3% (after +1.7% in October).
- The interest rate on bank loans to NFCs is virtually stable in November (4.80%, after 4.77% in October), while that on debt securities falls sharply (3.93%, after 4.32% in October).
1 - Overview of NFCs : Outstanding amounts and flows in € Bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| Nov-2023 | Growth rate | Cost (annual Interest rate) | |||||||
| Outstanding amounts |
Transactions (cumulative over 12 month) |
New business (cumulative over 12 month) |
SEP- 2023 | Oct- 2023 | Nov- 2023 | SEP- 2023 | Oct- 2023 | Nov- 2023 | |
| NFC's global financing | 2,058.7 | 45.2 | 2.2 | 2.0 | 2.2 | 4.50 | 4.62 | 4.50 | |
| Loans | 1,353.5 | 36.2 | 316.2 | 2.9 | 2.1 | 2.7 | 4.56 | 4.77 | 4.80 |
| Investment | 956.8 | 5.3 | 4.9 | 4.9 | |||||
| equipment | 600.7 | 6.2 | 5.5 | 5.4 | |||||
| real-estate | 356.1 | 3.7 | 3.9 | 4.0 | |||||
| Treasury | 321.2 | -5.3 | -7.3 | -5.5 | |||||
| Other lending | 75.6 | 12.9 | 14.2 | 15.5 | |||||
| Loans up to €1 million | 114.5 | 4.50 | 4.65 | 4.62 | |||||
| Loans over €1 million | 201.7 | 4.60 | 4.84 | 4.91 | |||||
| Securities other than shares | 705.2 | 9.0 | 0.7 | 1.7 | 1.3 | 4.37 | 4.32 | 3.93 | |
Monthly changes in outstanding loans by purpose (seasonally adjusted data in € Bn)![]()
Cost by financing sources (in %) ![]()
2- Loans to firms by size ![]()
- In November 2023, credit growth by size-class varies little compared to the previous month: credit growth to SMEs remains close to +2% (a slight decline compared to the previous month), ISEs credit growth returns to +2.2%, while last month's base effect fading significantly for large firms.
- The cost of credit increases only for large companies and remains stable for other size-classes.
| Outstanding amounts (in Bn €) |
Annual growth rate in % | Cost in % (annual interest rate) |
|||||
| Nov- 2023 | SEP- 2023 | Oct- 2023 | Nov- 2023 | Jun-2023 | Oct- 2023 | Nov- 2023 | |
| All firms | 1,353.5 | 2.9 | 2.1 | 2.7 | 4.56 | 4.77 | 4.80 |
| Of which: | |||||||
| - SME | 566.9 | 2.2 | 2.1 | 1.8 | 4.94 | 5.16 | 5.16 |
| - ISE | 374.0 | 2.2 | 2.5 | 2.2 | 4.18 | 4.29 | 4.29 |
| - Large firms | 204.3 | 2.2 | -2.5 | -0.8 | 4.23 | 4.58 | 4.69 |
Note on methodology: Total loans to all firms is measured on the basis of data from bank balance sheets, which provide "macro" information, i.e., exhaustive information (all companies based on loans to the first euro), with certain breakdowns according to the nature of the loan. At the same time, on a regulatory basis, credit institutions and investment firms must declare by borrower ("micro" information) to the Central Risk Service of the Banque de France (SCR) the loans granted when they exceed € 25,000. This collection is gradually being abandoned in favor of the AnaCredit collection, except for small banks which will not be subject to this declaration, in order to respect the "proportionality" between the economic importance of the bank and the constraints of its declaration obligations. This "micro" collection, which is fairly broad but not exhaustive, offers the advantage of being able to adopt the concepts of enterprise and category of enterprise defined by decree no. 2008-1354 on the criteria for determining the category of enterprise for the purposes of statistical and economic analysis (decree implementing article 51 of the law on the modernization of the economy - LME). The residual difference between the total by firm size and the total firm is essentially explained by these differences in scope and by legal units that cannot be assigned to a size category according to the criteria of the LME ("SCI and miscellaneous").
Interest rates by enterprise size (in %)![]()
Outstanding amounts of loans to resident enterprises by size (in € Bn) ![]()
3 - Outstanding amounts by sector ** (stocks in € Bn, annual growth rate in %)![]()
- Growth in outstanding loans continues to vary widely from one economic sector to another. It remains strong in the advisory and business support activities (+10%) and dynamic in real estate activities (+4.3%). Compared with its November 2022 level, however, outstanding loans continue to fall for industrial activities (-2.5%) and for the accommodation and food service activities (-2.0%).
- Also compared with its November 2022 level, outstanding construction loans are down by 3.6%, but for the real estate development sub-sector, they are up by 1.7%.
| Drawn credits | Drawn and undrawn credits | |||||
| Outstanding amounts | Annual growth rates in % | Outstanding amounts | Annual growth rates in % | |||
| Nov- 2023 | Oct- 2023 | Nov- 2023 | Nov- 2023 | Oct- 2023 | Nov- 2023 | |
| Agriculture, forestry and fishing (AZ) | 64.9 | 5.2 | 4.7 | 74.0 | 4.0 | 3.4 |
| Industry (BE) | 171.3 | -2.7 | -2.5 | 266.5 | -3.8 | -3.1 |
| - inc. Manufacturing (C) | 122.4 | -1.9 | -1.7 | 189.6 | -4.3 | -3.0 |
| Construction (FZ) | 73.3 | -5.7 | -3.6 | 108.4 | -6.0 | -5.2 |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 184.0 | -1.3 | -2.1 | 252.4 | -3.7 | -4.0 |
| Transportation and storage (H) | 63.1 | 0.8 | 2.4 | 80.3 | 0.8 | 3.1 |
| Accommodation and food service activities (I) | 50.6 | -2.1 | -2.0 | 55.5 | -2.3 | -2.3 |
| Information and communication (JZ) | 33.6 | 4.5 | 2.0 | 55.1 | -0.6 | -4.7 |
| Real estate activities (LZ) (*) | 529.0 | 4.0 | 4.3 | 581.5 | 4.1 | 4.0 |
| Advisory and Business support activities (MN) | 99.3 | 10.4 | 10.0 | 125.7 | 11.0 | 10.6 |
Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) |
62.8 | 1.8 | 1.6 | 70.8 | 0.8 | 0.2 |
| Holdings | 23.1 | 16.7 | 17.1 | 27.9 | 12.3 | 11.1 |
(*) including non-trading real estate companies
(**)For the difference between total firms and total, see the method note
(**)For the difference between total firms and total, see the method note
Download the PDF version of the document
CRE_FIN_ENT_2277_en__SI-financement_des_entreprises_202311_EN.pdf
Updated on the 10th of January 2024