Bank deposits grow 8 percent on year
The balance sheet volume of Estonian commercial banks amounted to €42.9 billion in May. Compared to the same time last year, this increased by 11.5 percent, or €4.4 billion, while the volume of deposits grew by €2.3 billion, or nearly 8 percent.
The volume of deposits in banks amounted to €30.3 billion in May, according to the Bank of Estonia. Of these deposits, €7.2 billion were fixed-term deposits from resident households and companies, with an annual growth of 81 percent. The volume of non-resident deposits increased by €876 million over the year and accounted for 15 percent of the total deposits.
Household deposits totaled €12.3 billion in May, which is €57 million more than the previous month and €861 million more than the same time last year. Notably, the volume of fixed-term deposits grew by 82.1 percent over the year.
Company deposits increased by 0.6 percent over the year, reaching €9.9 billion in May. Of this, the volume of fixed-term deposits was €2.9 billion, up from €1.6 billion the previous year.
The average interest rate for fixed-term deposits in May was 3.58 percent, down from 3.73 percent the previous month but up from 2.85 percent the same time last year.
The volume of long-term loans and leases issued to companies in May was €297 million. This is €85 million less than the previous month and €187 million less than the same time last year. Compared to the same period last year, the volume decreased most significantly in the infrastructure sector (by €181 million), but increased in the trade sector (by €36 million) and the logistics sector (by €24 million).
The average interest rate for long-term loans to companies was 6.57 percent in May, up from 6.42 percent the previous month and 5.82 percent the same time last year.
In May, loans and leases to households were issued in the largest volume in the past two years. The volume of housing loans issued was €198 million, €23 million more than the previous month and €22 million more than the same time last year. Car leases in May amounted to €34 million, €1 million more than the previous month and €3 million more than the same time last year.
The average interest rate for new (excluding contract amendments) secured housing loans to households was 5.33 percent in May. The interest rate decreased by 0.04 percentage points over the month but increased by 0.11 percentage points over the year. The average interest rate for car leases was 5.73 percent in May, increasing by 0.21 percentage points over the month but decreasing by 0.03 percentage points over the year.
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Editor: Marcus Turovski
