Bank lending to Serbian companies continued its double-digit expansion, with loans to legal entities reaching approximately €20.6 billion at the end of August. Corporate lending increased 12.3% year on year and 1.1% compared with July, adding about €2.26 billion to companies’ outstanding bank debt over the preceding 12 months. The increase made corporate borrowers the largest component of non-household bank lending, while credit quality remained stable.
Corporate credit accelerates during 2026
The monthly figures show a steady expansion after a relatively subdued start to the year. Loans to legal entities stood at approximately €19.4 billion at the end of March, rising to around €20.1 billion in June before reaching €20.6 billion in August. When lending to companies and entrepreneurs is combined, the total reached approximately €21.5 billion, compared with about €19.1 billion a year earlier.
The available figures do not specify whether the additional borrowing was directed toward capital investment, working capital, refinancing or other corporate purposes. The continued increase across several months represents a broader expansion in companies’ use of bank financing rather than a single-month increase.
Corporate borrowing and investment activity
The expansion in business lending is relevant to Serbia’s investment cycle, as higher corporate borrowing can finance equipment purchases, construction, inventories and business expansion. The extent to which the increase represents new productive investment cannot be established from the available lending data, since the figures do not distinguish between investment financing and refinancing of existing liabilities.
For banks, the combination of double-digit corporate loan growth and stable repayment indicators makes business lending an important channel for financing economic activity. The expansion in corporate credit places lending to Serbian businesses among the significant areas of banking activity as the financial sector supports companies’ financing needs.
