The stable growth in the loan and lease portfolio of companies and households continued at the start of the year

Mari Tamm
Economist at Eesti Pank
  • The loan and lease portfolio of Estonian companies and households was 5.4% larger in January than a year earlier
  • The share of loans overdue for more than 60 days in the loan portfolio is the smallest in years at 1.2%
  • Growth in corporate and household deposits remained fast in January at 11% over the year

The loan and lease portfolio of Estonian companies and households was 5.4% larger in January than a year earlier. The annual growth in the portfolio was faster in December and January than earlier mainly because of the corporate loan and lease portfolio. The total volume of loans and leases to companies and households increased during the month by 57 million euros to 16.1 billion euros.

Steady growth in the corporate loan and lease portfolio continued. The growth in corporate loans in the past two months has been faster than before, but previously the growth was slower because of the comparison base effect, as  the fields of economic activity were revised in the statistics at the end of 2014 and the start of 2015. Overall, corporate credit has grown as fast as it did last year on average. The portfolio of loans and leases to companies in manufacturing and retail has seen faster growth than others in the past half year.

The growth in the stock of housing loans over the year to January was 4.2%, which was the same as at the end of last year. Less was issued in new housing loans in January than in the preceding months because it was the start of the year. Annual growth in the stock of other loans to households picked up to 5.9% because of car leases, which increased by 16% over the year in the past two months.

The average interest rate on loans has not changed particularly in recent months. The average interest rate for mortgages issued during the month has been at 2.2% for three months. The average interest rate for long-term loans taken by companies was the same in January as in the preceding months at 2.2%.

The percentage of loans overdue by more than 60 days in the loan portfolio stood at 1.2% at the end of the month. The amount owed in overdue loans in January was the lowest level in years and about the same as at the end of last year.

Growth in the deposits of Estonian companies and households remained fast in January at 11% over the year. Corporate deposits have grown faster than household deposits in the past six months, increasing by 16% in January while household deposits grew by 8%.

Financial sector statistics and the publication schedule for them are available on the Eesti Pank website


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