Loans to non financial corporations 2022Feb
Published on the 25th of March 2022
Almost unchanged growth rate for loans to NFCs
- The annual growth rate of outstanding loans to non-financial corporations is quite unchanged in February: +4.1%, after +4.2% in January.
- Growth in investment loans maintain it's the momentum observed during the last months (+6.1%, after +5.8% in January and +5.6% in December), driven by the equipment component (+6.7%, after +6.0% in January).
- Over two years, credit growth is still strong: +17.0% for total loans, +36.3% for treasury and +11.7% for investment.
(Outstanding amounts in EUR Bn, annual growth rates in %)
| Growth rate | |||||||
| End-of-month level | Over one year | Over two years | |||||
| Feb- 22 | Dec- 21 | Jan- 22 | Feb- 22 | Dec- 21 | Jan- 22 | Feb- 22 | |
| Total | 1,248 | 3.6 | 4.2 | 4.1 | 16.9 | 17.5 | 17.0 |
| Investment | 858 | 5.6 | 5.8 | 6.1 | 11.7 | 11.7 | 11.7 |
| Equipment | 531 | 5.7 | 6.0 | 6.7 | 13.6 | 13.5 | 13.5 |
| Real estate | 327 | 5.3 | 5.6 | 5.2 | 8.9 | 8.8 | 8.8 |
| Treasury | 323 | -2.3 | -0.3 | -1.2 | 34.8 | 37.9 | 36.3 |
| Other lending | 67 | 9.6 | 6.9 | 5.3 | 11.3 | 10.5 | 9.3 |
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.
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_2251_en__SI_credit_SNF_202202_EN.pdf
Updated on the 25th of March 2022