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EUROZONE DATA: Bank Lending Growth Continues Gradual Acceleration [1/2]

EUROZONE DATA
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  • Today’s bank lending data showed a further gradual acceleration in lending growth rates to both non-financial corporates and households in October.
  • Adjusting for sales & securitisations plus calendar effects, loan growth increased to 1.2% Y/Y for NFCs (+0.1pp after +0.3pp in Sep) and 0.8% Y/Y for households (+0.1pp after +0.1pp in Sep), the fastest since Jul 2023 and Sep 2023 respectively.
  • Looking by country (switching to NSA data still adjusted for sales & securitisations), France is the main outright driver of NFC lending (2.8% Y/Y), Germany and Spain more lacklustre (0.5% Y/Y) and Italy a clear laggard (-3.0% Y/Y).
  • Spain leads lending growth to households (1.0% Y/Y), with Germany again tepid (0.5% Y/Y), France weak (0.1% Y/Y for four of the past five months). Italy again the laggard but to a lesser extent (-0.2% Y/Y).
  • Note that in both cases, Spain continues to see the largest relative improvement, with lending to NFCs correcting from heavy contraction of circa -4% Y/Y in late 2023 and lending to households from -2% Y/Y.
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  • Today’s bank lending data showed a further gradual acceleration in lending growth rates to both non-financial corporates and households in October.
  • Adjusting for sales & securitisations plus calendar effects, loan growth increased to 1.2% Y/Y for NFCs (+0.1pp after +0.3pp in Sep) and 0.8% Y/Y for households (+0.1pp after +0.1pp in Sep), the fastest since Jul 2023 and Sep 2023 respectively.
  • Looking by country (switching to NSA data still adjusted for sales & securitisations), France is the main outright driver of NFC lending (2.8% Y/Y), Germany and Spain more lacklustre (0.5% Y/Y) and Italy a clear laggard (-3.0% Y/Y).
  • Spain leads lending growth to households (1.0% Y/Y), with Germany again tepid (0.5% Y/Y), France weak (0.1% Y/Y for four of the past five months). Italy again the laggard but to a lesser extent (-0.2% Y/Y).
  • Note that in both cases, Spain continues to see the largest relative improvement, with lending to NFCs correcting from heavy contraction of circa -4% Y/Y in late 2023 and lending to households from -2% Y/Y.