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HomeEstoniaCbank: Estonian household deposits grow for 5th consecutive month

Cbank: Estonian household deposits grow for 5th consecutive month

The deposits of households in Estonia grew for the fifth consecutive month, according to the latest overview by the Bank of Estonia.

The balance sheets of the banks stood at 41.4 billion euros in January. This represented an increase of 0.2 percent or 70 million euros over the month. The increase over the year though was 9.1 percent or 3,461 million euros.

The volume of deposits in the banks totaled 29.4 billion euros in January. Deposits were 77 million euros less than in the previous month, but 1,739 million euros more than a year earlier. Of the deposits of resident households and companies, 7.1 billion euros were in time deposits, which was an increase of 138 percent over the year. Non-resident deposits grew by 823 million euros over the year and made up 15 percent of the stock of deposits.

The assets of leasing companies totaled four billion euros and yearly growth in them was 25.9 percent, or 819 million euros.

There were 3,211 new housing loans with a mortgage issued in the fourth quarter of 2023, and the average size of such loans was 127,009 euros. The average maturity of the housing loans issued was 26 years and eight months, which is about six months longer than in the same period a year earlier. A total of 13,086 new housing loans with a mortgage were issued in 2023, which was 4,518 fewer than in 2022.

The value of long-term loans and leases issued to companies during the month was 211 million euros in January, which was 121 million euros less than in December and 39 million euros less than a year earlier.

Companies in real estate and construction dominated in taking out long-term loans and leases, and the volume of long-term loans and leases issued to them was 92 million euros.

The volume of housing loans issued to households in January was 101 million euros, which was 51 million euros less than in the previous month and six million euros less than a year earlier.

Car leases of 20 million euros were taken out in January, which was 13 million euros less than in December and 3 million euros less than a year earlier.

Credit card loans of 60 million euros were granted in January.

Corporate loans overdue by more than 60 days totaled 23 million euros in January. They totaled 24 million euros in the previous month and 32 million euros a year earlier.

Household loans overdue by more than 60 days totaled 37 million euros in January, of which 19 million euros was in housing loans. Overdue loans were 0.2 percent of the portfolio of housing loans.

The deposits of companies fell by 0.9 percent over the year to stand at 10.1 billion euros in January. Time deposits totaled three billion euros, up from 1.3 billion a year earlier.

Household deposits stood at 11.8 billion euros in January, which was 129 million euros more than in the previous month and 609 million euros more than a year previously. The amount held as time deposits increased by 142.1 percent over the year.

The average interest rate on long-term loans granted to companies was 6.44 percent in January. It was 6.83 percent in the previous month and 4.73 percent a year earlier.

The average interest rate on leases issued to companies was 6.14 percent in January, which was 0.08 percentage point higher than a month previously. A year earlier the interest rate was 5 percent. The average interest rate on the time deposits of companies was 3.89 percent in January. It was 4.16 percent in the previous month and 2.04 percent a year earlier.

The average interest rate on new housing loans issued to households with a mortgage, meaning new loans and not changes to contract terms, was 5.52 percent in January, which was 0.03 percentage point higher than a month previously, and 0.81 percentage point higher than a year earlier.

The average interest rate on car leases was 5.74 percent in January. That was 0.27 percentage point higher than a month previously and 0.72 percentage point higher than a year earlier.

The average interest rate on time deposits was 3.89 percent in January. It was 4.26 percent in the previous month and 1.67 percent a year earlier.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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