SA’s private sector credit extension (PSCE) rose by 7.3% year on year in October, the highest it’s been since February 2023.
According to data released by the Reserve Bank, total credit extended to the domestic private sector reached R5.12-trillion in October, up from R4.78-trillion a year earlier. The rise was mainly driven by other loans and advances.
PSCE is a core indicator of economic momentum. It measures the total value of credit extended by banks to households and corporates and reflects the willingness of banks to lend and the confidence of consumers and businesses to borrow.
Corporate credit was the standout contributor, climbing 10.73% year on year. Nedbank economists noted growth in commercial mortgages was steady, “but healthy,” at 6.3%.
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