Macedonia's loan growth accelerates to 7.6% y/y at end-May 2014

By bne IntelliNews June 23, 2014

The total value of outstanding non-government loans extended by Macedonian banks and saving houses increased 7.6% y/y to MKD 240.1bn (EUR 3.89bn) at end-May, speeding up from a 7.1% y/y growth at end-April, as credit to both nonfinancial corporations and households grew faster, preliminary central bank data showed. The total loan stock is equal to 48.9% of projected 2014 GDP, up from 48.1% at end-April.

Loans to non-financial corporations (public and private) rose 4.8% y/y to MKD 138.8bn at the end of last month, quickening from a 4% y/y rise at end-April. In addition, loans to households increased 11.6% y/y to MKD 100.2bn at end-May, slightly accelerating from an 11.5% y/y growth a month earlier.

The other components of the total loan stock include credit to financial corporations (down 2.5% y/y to MKD 230mn at end-May), loans to non-profit institutions serving households (down 8.4% y/y to MKD 148mn) and credit to the local governments (up 48.9% y/y to MKD 695mn).

The currency breakdown of the total loan stock showed faster annual growth of the local currency portion and a smaller y/y decrease in the foreign currency component. Local currency loans rose 10.5% y/y to MKD 185.8bn at the end of last month, accelerating from a 10.1% y/y growth at end-April. Foreign currency loans fell 1.2% y/y to MKD 54.3bn at end-May, after contracting 2% y/y a month earlier.

Loans, MKD mn          
  May'13 Apr'14 May'14 % y/y % m/m
TOTAL LOANS 223,072 236,230 240,097 7.6% 1.6%
- in denars 168,116 182,543 185,816 10.5% 1.8%
- in foreign currency 54,956 53,687 54,281 -1.2% 1.1%
Nonfinancial Corporations 132,435 136,535 138,826 4.8% 1.7%
- in denars 83,879 89,069 90,806 8.3% 2.0%
- in foreign currency 48,556 47,466 48,020 -1.1% 1.2%
Households 89,772 98,619 100,198 11.6% 1.6%
- in denars 83,435 92,486 94,029 12.7% 1.7%
- in foreign currency 6,338 6,133 6,169 -2.7% 0.6%
Source: Central bank          
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