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Since Oct 11th was the day for finalizing credit growth monthly caps, the weekly growth of FX-adjusted credits decelerated further to 0.2% from 0.4% mainly on top of commercial credits in the overall sector, which brought down the trend rate of total credit growth as well.
The weekly growth of FX-adjusted credits decelerated in the third week of September from 0.6% to 0.3% due to strong contraction in consumer credits in the overall sector.
After 2 weeks of deceleration, the weekly growth of FX-adjusted credits accelerated in the second week of September from 0.2% to 0.6% due to consumer credits in the overall sector.
The slowdown in credit growth started to become more pronounced towards the end of 2Q24 with tight monetary policy and more restrictive macroprudential measures. TL and FC credit growth levels came below the regulatory thresholds.
After two weeks of strong acceleration, the weekly growth of FX-adjusted credits decelerated sharply on the 2nd week of August from almost 1% increase to 0.1%.
The weekly growth of FX-adjusted credits turned into a contraction from 0.5% to -0.4% due to both commercial and consumer credits in the sector.
The negative growth seen last week in FX-adjusted weekly credit growth turned back into strong growth as of end of 2Q’24. The acceleration was due to commercial and consumer credits of both public and private banks. Total credits’ 4 week average trend rose to 0.4%.
Following the strong push seen just before the official holidays’ week, FC adjusted weekly credit growth decelerated and turned into negative growth on the week ending on June 21st, also taking into account the negative calendar impact.
FC adjusted weekly credit growth decelerated from 1.6% to almost 1% in the week ending by May 31st due to commercial credits in private banks.
Profitability of the sector is under pressure of high funding costs which continues to be partially offset by fees & commission income. Credit growth will be subdued due to regulationary caps in the very short term.
In the week ending by March 29th, foreign currency adjusted weekly credit growth continued to accelerate from 0.7% to 1% due to commercial credits of public banks and consumer credit cards in the sector. Total credits’ 13-week annualized trend rose from 34.8% to 35.4%.
Foreign currency adjusted weekly credit growth fell from 1% to 0.3% due to both commercial and consumer credits in the sector. Total credits’ 13-week annualized trend rose slightly from 34.4% to 35% with the impact of strong weekly growth rates of the previous 4 weeks.
