Banks get $1 billion back during May
After some excitement (see prior post “Another $1.1B out the door in April” June 1-11), a chunk of the gains made by borrowers in recent months have been given back, according to data released by the Bank of Canada. Commercial and corporate lending by Canadian Chartered banks fell $1.2 billion in May, after a $1.1 billion rise in April and a $2.2 billion increase during the month of March. May is the first negative loan growth month since September 2010; that’s quite a string.
The category is “Business loans to Canadian residents for business purposesâ€:
December 2008: $191.563 billion
January 2009: $185.679 billion
February: $183.759 billion
March: $184.089 billion
April: $181.811 billion
May: $178.691 billion
June: $176.365 billion
July: $174.664 billion
August: $173.818 billion
September: $171.152 billion
October: $171.091 billion
November: $168.425 billion
December: $169.430 billion
January 2010: $167.892 billion
February: $168.104 billion
March: $169.495 billion
April: $169.163 billion
May: $166.378 billion
June: $165.369 billion
July: $166.988 billion
August: $164.774 billion
September: $163.976 billion
October: $168.401 billion
November: $168.892 billion
December: $169.170 billion
January 2011: $170.42 billion
February: $171.800 billion
March: $174.028 billion
April: $175.198 billion
May: $173.974 billion
Commercial and corporate lending by chartered banks to Canadian-based businesses remains $17.5 billion lower than in December 2008. The good news is that ~$5 billion of net new loans have been advanced so far this year.
MRM
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