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HNB: Household loans up 4.2% in May year on year

Author: Vojo Micak

ZAGREB, July 29, 2020 (Hina) - Household loans reached HRK 134.3 billion at the end of May 2020, increasing by 0.3% from the previous month and by 4.2% from May 2019, data from the Croatian National Bank shows, as analysts expect a weaker demand for credit in the months ahead.

The share of loans denominated in the domestic currency, the kuna, remained at 54.4%, totalling HRK 73.1 billion. Their annual growth rate was 7.0%, slowing down from 8.2% in April.

This was the second month in a row to see a single-digit rise in the annual growth rate of such loans, after this rate had been in double-digit territory for years, Raiffeisen Bank (RBA) noted in its comment on the HNB data.

Foreign currency-indexed loans totalled HRK 61.2 billion in May, up by 1.0% over April. Most of these loans were pegged to the euro, their increase being driven by the appreciation of the euro against the kuna of 2.2% compared with May 2019.

Housing loans accounted for 43.9% of household loans, reaching HRK 58.9 billion, with an annual growth rate of 7.5%. These loans have been on the rise since November 2017. General-purpose cash loans rose by 4.6% to HRK 2.3 billion, accounting for 30.0%.

RBA analysts expect the demand for credit to fall in the coming months given that optimism has been affected by the coronavirus pandemic crisis, a deterioration on the labour market and a growing aversion to risk.

(€1 = HRK 7.508619)

(Hina) vm

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