Serbia’s banking sector recorded stronger deposit growth than credit expansion in August, with deposits reaching approximately €45.53 billion and outstanding claims on non-government sectors standing at €38.19 billion, according to the latest statistical bulletin from the National Bank of Serbia (NBS).
The difference between the two balance-sheet aggregates amounted to approximately €7.34 billion, reflecting the banking system’s substantial domestic deposit base. However, this gap does not represent the volume of funds immediately available for new lending.
Deposits and Corporate Lending Expand
Outstanding bank claims on non-government sectors increased by 1% month-on-month at the end of August, while deposits of non-monetary sectors rose by 2.2%.
Claims on private companies reached approximately €16.09 billion, compared with €15.94 billion in July. Lending claims on households totalled approximately €18.46 billion. The combination of deposit growth and more moderate credit expansion provides banks with a domestic funding base for financing industrial investment, property development and working capital, while limiting their reliance on additional wholesale funding.
NBS Maintains Benchmark Rate at 5.75%
The National Bank of Serbia left its benchmark interest rate unchanged at 5.75% on October 8, extending the monetary policy pause maintained throughout 2026.
The banking sector’s funding position comes as businesses face higher energy costs and uneven industrial demand. Automotive manufacturing and mining exports have expanded strongly, while basic metals production, energy trade and several consumer-related manufacturing activities have weakened.
Sector Risks Shape Corporate Credit Assessments
Corporate lending assessments increasingly depend on individual borrowers’ cash flows, export contracts, procurement costs and debt-service capacity, rather than aggregate credit growth alone. Although the deposit base supports banking-system liquidity, the viability of additional lending depends on borrowers’ ability to sustain investment plans amid higher input costs and uncertain international demand.
