Apr 17, 2019

Credit growth stood at 14.0% YoY in March 2019

Quick Update

  • Total bank loan portfolio increased by 14.0%* YoY in March 2019, excluding FX effect.
  • From the segments perspective corporate, MSME and retail loans increased by 12.9%, 21.8% and 11.2% YoY, respectively. Excluding one-offs in corporate segment, the growth would have stood at an estimated 15.3% YoY with corporate segment up by 17.0%. Overall, even when taking into account one-offs, deceleration tendency of the loan portfolio is evident driven by retail lending regulations on the one hand and normalizing growth rates in business credit following cyclical pick up in 2018 on the other.
  • As for the retail segments, mortgage debt growth remained solid at 30.1% YoY thanks to the base effect as the moderation of housing finance from January has also continued in March. Non-mortgage lending slipped into the negative territory declining by 1.9% YoY with some impact of individuals having business earnings reported as MSME credit.