UKRAINIAN INDEX
OF EFFECTIVE INTEREST RATES
ON CONSUMER LOANS FOR INDIVIDUALS
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The rate of extending credits to individuals rose sharply in March 2012

The rate of granting of new consumer credits to individuals (excluding mortgage loans) in Ukraine skyrocketed in March after a deep fall in January and February – up 6.5 billion hryvnias. Mortgage loans increased as well – up UAH 0.233 billion.

The total amount of new loans granted by commercial banks in March increased up to UAH 113.5 billion from UAH 105 billion in February, which exceeds an average value for the past twelve months (UAH 111.5 billion). The size of crediting on 12-month cumulative values (the annual basis) went up to UAH 1339.7 billion, or up 0.1% taken on the annual basis.

Lending to households in March increased up to 8.0 billion from 6.6 billion hryvnias in February. However, the specified value was less than an average size for the past 12 months (UAH 8.4 b). Lending at an annual interest rate decreased by - 0.7%, including consumer loans (- 1.2%).

The size of consumer lending (excluding mortgage) totaled UAH 6.7 billion in March, from UAH 5.2 b and 5.5 b in February and January, respectively.

The size of mortgage loans increased in March as well –up to UAH 0.233 billion, from 0.194 b and 0.192 b in Feb and January, respectively.

“As we forecasted earlier, the exhilaration of crediting that started in February was recorded to the full in March. By the beginning of March, banks leveraged consequences of the autumn liquidity crisis and started actively grant credits. As you can see, the March results turned out to be almost identical to our forecasts. We expected banks to grant approximately 7 billion hryvnias in consumer lending and some 0.225 billion hryvnias in mortgage loans, in March”, Denys Rakovsky, Sales Director at KreditMarket, explains.

Recall that the total amount of consumer loans granted in February (UAH 5.2 billion) was even less in January (UAH 5.5 billion). Both values are one and a half times lower than the December rate (UAH 8.7 billion), and almost 40% less than the average monthly value for the past 12 months (UAH 7.1 billion).

In January, February and March 2011, banks extended consumer loans in the amount of UAH 4.8 b, 5.4 b, and 7.6 b, respectively, from UAH 7.7 billion in December 2010. So, a seasonal decline had a short and local character a year ago.

The size of crediting to non-commercial corporations increased to UAH 102.6 billion in March 2012, from UAH 96.7 billion in February, which exceeded an average size for the previous 12 months (UAH 100.9 billion). The size of crediting taken on the annual basis increased by 0.1%, including agriculture (+0.5%), industry (+1%), and construction (+0.3%), but went down in trade (-0.3%).

The NBU exchange rate as of 8 May is UAH/USD 798.99/100.

Source: the National Bank of Ukraine

 
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