January 10, 2020 / 9:47 AM / 3 months ago

Italian bank lending to businesses shrinks rapidly in November

MILAN, Jan 10 - Italian bank lending to businesses fell further in November, according to central bank data on Friday that pointed to continuing weakness in the euro zone’s third-largest economy.

Loans to non-financial companies dropped 1.9% on a yearly basis in November, accelerating from a 1.4% fall seen in October, the Bank of Italy’s monthly report on banks’ assets and liabilities showed.

The report showed gross bad loans on lenders’ balance sheets were sharply down to 80.25 billion euros ($89 billion), the lowest level since December 2010, compared with 85.23 billion euros in October. ($1 = 0.9013 euros) (Reporting by Alessia Pe, editing by Valentina Za)

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