Hungarys household, business lending drops in August 2012.

By bne IntelliNews October 1, 2012
The combined value of loans extended by Hungarian commercial banks dropped on an annual basis in August 2012 mainly due to lower household lending, the central bank's financial statistics showed. Lending to households declined for a ninth month in a row in August, falling 13.2% y/y to HUF 7.36tn (EUR 25.97bn), slower than July's contraction of 15% y/y. The deterioration was mostly due to lower lending in the house purchases segment, which witnessed an 18.4% annual fall. In addition, consumer credits declined 7.6% y/y to HUF 3.5tn. Business lending shrank 4.1% y/y, slower than the 4.7% y/y drop in the previous month. The stock of credits to non-financial corporations reached HUF 7tn at end-August 2012. The value of new forint-denominated household loans in August decreased on an annual basis. New housing loans in domestic currency fell to HUF 10.9bn, down from the HUF 19.4bn reported in the same month a year earlier and down from HUF 11.8bn in July 2012. New consumer loans amounted to HUF 15.3bn in August 2012, down from HUF 18.4bn a year earlier.

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