The combined value of loans extended by Hungarian commercial banks in June 2013 declined on an annual basis mainly due to lower demand from households and businesses, the central bank's financial statistics showed.
Lending to households extended its downward trend over the past 20 months, falling by 5.9% y/y to HUF 7.06tn (EUR 23.5bn) in June. Yet, the decline was weaker than the 8.1% y/y decrease in May. The drop was due to lower lending in the house purchases segment and consumer credits, which declined by 5.9% y/y and 5.8% y/y, respectively.
The stock of credits to non-financial corporations reached HUF 6.78tn as of end-June, down by 5% y/y. The annual decrease deepened from 7.7% y/y in the previous month.
The aggregate value of new forint-denominated household loans in June remained unchanged in monthly comparison but increased by 2.2% on an annual basis. New consumer loans in domestic currency amounted to HUF 15.8bn in June 2013, up from HUF 15bn in the same month of 2012. New housing loans went up to HUF 14.2bn from HUF 11.2bn in June 2012. In monthly terms, consumer loans edged down by 1.4% but housing loans increased by 3.9% y/y.
Hungary's MOL announced on July 20 that it has struck licensing deals with Germany's Evonik Industries and Thyssenkrupp that will be essential in its plan to roll out a $1.9bn investment in ... more
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more
Budapest has signed a deal with Russia's Gazprom to link Hungary with the under-construction Turkish Stream ... more