Bank loans more than double against rising default rates

Lending by commercial banks to companies and individuals more than doubled in the year to July. [iStockphoto]

Lending by commercial banks to companies and individuals more than doubled in the year to July, pointing to economic recovery from the pandemic and fuelling a profits boom for commercial banks.

Latest, National Treasury data shows that credit grew by 14.2 per cent in the 12 months to July this year compared to 6.1 per cent in a similar period last year when the Covid-19 pandemic crippled business activities.