The annual growth in deposits accelerated to 10% in November
The loan and lease portfolio of Estonian companies and households continued to grow stably in November. The portfolio stood at 15.9 billion euros at the end of the month, which was 3.6% more than a year earlier. The total volume of loans and leases to companies grew by 3.1% over the year. As in previous months, the fastest growth was in loans issued to companies in trade, industry and energy.
The stock of housing loans was 4% larger in November than a year earlier. Around 81 million euros of new housing loans were issued, which is about the same amount as in previous months. The fastest growth in other household loans was in car leases, which were up 14.6% in volume over the year.
The average interest rate for new housing loans in November was at the average level for the year of 2.2%. At the same time when base interest rates have been falling, the average interest margins on housing loans have risen throughout the year. The average interest rate for long-term loans taken by companies in November was 2.3%.
The volume of loans that were long-term overdue continued to decline in November. The stock of loans overdue for more than 60 days shrank by 155 million euros by the end of the month to make up 1.3% of the loan portfolio.
The deposits of Estonian companies and households grew at an accelerating annual rate of 10.4% in November. Total deposits increased by 121 million euros during the month to 10.6 billion euros. Growth in corporate deposits has picked up in recent months, and stood at 14.3% in November. The volume of household deposits was 7.2% larger than a year earlier. The volume of non-residents’ deposits has shrunk during the second half of the year. Non-resident deposits fell to 18% of the total of non-financial sector deposits by the end of November.