Households were once again in a net borrowing position in August, as they have been each month thus far except March, when small savings were realized. After a HUF 105.7 bln net borrowing position in July, households' net debt increased by another HUF 97 bln in August, with loans expanding by HUF 92.4 bln and their deposit stock shrinking by HUF 4.6 bln.
Since the beginning of this year, household loan stock has increased by HUF 461.3 bln, while household deposits grew by just HUF 116.1 bln, according to statistics published by central bank MNB. As a result, the ratio of deposits to loans has diminished from 1.7 to 1.52 in the period.
In August, the growth in consumer loan stock accounted for slightly more than half of the month's overall growth, up HUF 48.4 bln compared to July to HUF 1,028.5 bln, while the stock of home loans increased HUF 41.2 bln to HUF 2.129 trln and "other loans" rose HUF 2.7 bln to HUF 299.7 bln.
Within housing loans, foreign currency-denominated loans were up HUF 34.8 bln to HUF 333.3 bln, while forint home loans rose by just HUF 6.4 bln. As a result, home loans made up 61.6% of overall household loan stock in August, down 0.5 percentage points on the month, while consumer loans increased 0.6 points to 29.7% of the total.
In all, overall household loan stock stood at HUF 3.46 trln in August, while the total deposit stock of households was HUF 5.24 trillion.
NAPI Online