In the fourth quarter of 2023, banks received more applications for business loans, but far fewer were accepted. This was clear from data released by universal banking regulator Febelfin on Monday.
Compared to the last three months of 2022, the number of credit applications from entrepreneurs increased by 5.6% in the last quarter, which together represents the amount requested 12.4% higher. However, banks granted 11.4 percent fewer loans, but for a much larger amount: 13.5 percent more.
“Therefore, fewer credits are being provided – but in larger amounts. This may be related to the strong increase in business investments,” notes Viblevin. She added that the fact that banks are rejecting more business loans “may indicate that banks are becoming more cautious due to the unstable economic situation and high interest rates.”
According to National Bank data, the weighted average interest rate on corporate loans – which had long been around 1.5 percent – began to rise in early 2022, reaching 4.66 percent in November last year. There was a slight decrease in December to 4.53 percent.
The outstanding amount of corporate loans obtained at the end of December amounted to 191.2 billion euros. This is 2.4 percent more than the previous year, when annual growth was 5.9 percent.
Read also. Money later. Hans gave 2,000 of his dead aunt's books: “You took her savings, didn't you?” my father asked me suddenly. (+)
Free unlimited access to Showbytes? Which can!
Log in or create an account and never miss a thing from the stars.
“Coffee buff. Twitter fanatic. Tv practitioner. Social media advocate. Pop culture ninja.”
More Stories
The European Union opens an investigation into Instagram and Facebook for non-compliance with DSA rules – IT Pro – News
Cupra Formentor and Leon: facelift and more power (2024)
The European Union gives the green light for faster construction of gigabit networks – IT Pro – News