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Value of new corporate lending contracts falls

The value of new corporate lending contracts fell for both forint- and euro-based loans in September compared to August, fresh National Bank of Hungary (MNB) data show.

The value of new corporate HUF lending contracts was HUF 193.6 billion in September, down from HUF 222.1 billion in August, but about level with the HUF 192.3 billion signed for in the same month a year earlier. The average rate for the loans, weighted by the size of the contract, was 10.57% in September, down 30bp from a month earlier, but 45bp higher than the rate twelve months earlier.

The value of HUF overdrafts in September came to HUF 774.0 billion, up from HUF 725.4 billion in August, but down from HUF 874.6 billion twelve months earlier.

The value of new EUR corporate loans fell to HUF 106.9 billion in September from HUF 121.1 billion in August and HUF 162.5 billion twelve months earlier. The average weighted rate for the loans was 4.12%, up from 3.75% a month earlier, but well under the 6.16% rate twelve months earlier.

Euro overdrafts came to HUF 176.0 billion in September, up from HUF 167.1 billion in August and HUF 158.4 billion twelve months earlier.

Companies placed HUF 1,829.6 billion into fixed deposits in September, down from HUF 1,751.2 billion in August and HUF 1,702.4 billion twelve months earlier. The average rate banks paid for the deposits was 7.46% in September, down 47bp from a month earlier and 52bp lower than twelve months earlier.

New corporate HUF sight deposits came to HUF 1,175.5 billion in September, down from HUF 1,213.6 billion in August and HUF 1,282.4 billion twelve months earlier.

Companies placed HUF 771.3 billion in EUR fixed deposits in September, down from HUF 817.1 billion in August and HUF 1,129.3 billion twelve months earlier. The average rate banks paid on the deposits was 1.45%, down from 1.54% in August and 4.56% twelve months earlier.

Companies put HUF 552.5 billion into sight deposits in September, down from HUF 564.5 billion in August, but up from HUF 499.4 billion twelve months earlier. (MTI-ECONEWS)