Loans to non financial corporations 2021Nov
Published on the 29th of December 2021
NFCs' credit growth appears to strengthen
- With an annual growth rate of +3.1% in November, after +2.8% in October, credit to non-financial companies seems to be setting a new, more dynamic trend.
- The growth in investment loans remained strong (+4.9%), driven by both the equipment component (+4.9%) and the real estate component (+5.0%).
- Over two years, the growth of credit reached +15.9% for total loans, +32.4% for treasury and +15.0% for investment.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| Nov- 2021 | Sep- 2021 | Oct- 2021 | Nov- 2021 | Sep- 2021 | Oct- 2021 | Nov- 2021 | |
| Total | 1,230 | 2.8 | 2.8 | 3.1 | 15.1 | 14.4 | 15.9 |
| Investment | 842 | 4.9 | 4.9 | 4.9 | 10.7 | 10.4 | 10.7 |
| Equipment | 520 | 4.8 | 4.7 | 4.9 | 12.5 | 12.1 | 12.9 |
| Real estate | 322 | 5.2 | 5.4 | 5.0 | 7.9 | 7.7 | 7.4 |
| Treasury | 319 | -1.8 | -2.4 | -2.4 | 30.2 | 27.0 | 32.4 |
| Other lending | 68 | 0.6 | 3.0 | 7.8 | 10.0 | 13.6 | 15.0 |
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.
Source et réalisation : BANQUE DE FRANCE - DIRECTION GÉNÉRALE DES STATISTIQUES, DES ETUDES ET DE L'INTERNATIONAL
Additional information
Growth over 2 years of the outstanding amounts of loans to NFCs
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
The two-year growth rate is the ratio of the outstanding amount in month m to the outstanding amount in month m-24. Therefore this rate is not annualized.
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
The two-year growth rate is the ratio of the outstanding amount in month m to the outstanding amount in month m-24. Therefore this rate is not annualized.
Download the PDF version of the document
CRE_SNF_2243_en__SI_credit_SNF_202111_EN.pdf
Updated on the 26th of January 2022