The share of non-performing loans at NBCOs rose by 0.9 percentage points

The share of non-performing loans at non-bank credit organizations (NBCOs) rose by 0.9 percentage points compared with the previous quarter, according to an assessment as of June 30, 2026, published by the National Bank of Moldova (NBM) on October 28, 2026. By contrast, the indicator for savings and loan associations fell by 0.2 percentage points.

In brief

• As of June 30, 2026, the loan portfolios of non-bank credit organizations and savings and loan associations had each recorded quarterly growth of 4%, according to the NBM.

• According to the NBM, the non-performing loan ratio in the banking sector stood at 5.2% under national prudential regulations and 1.4% under IFRS 9 as of June 30, 2026.

• The next regular meeting of the National Committee for Financial Stability is scheduled for December 2026.

How has non-bank lending evolved?

The growth in non-bank loan portfolios was driven mainly by loans to legal entities. Quarterly growth of 4% was recorded by both non-bank credit organizations and savings and loan associations.

However, loan quality evolved differently for the two categories of lenders: it deteriorated at NBCOs and improved slightly at the associations. Overall, risks in the sector were assessed as moderately low, while the structure of funding sources remained stable, according to the NBM.

Why do non-performing loan rates differ in banks?

The banking sector’s non-performing loan ratio was 5.2% under national prudential regulations, compared with 1.4% under the IFRS 9 standard. The NBM explains the higher figure mainly by qualitative assessment criteria, including a lack of up-to-date information about borrowers, while the share of loans with overdue payments remained relatively stable.

Bank lending continued to grow faster than GDP, but the risk associated with excessive expansion was assessed as moderate. According to the assessment, liquidity, sectoral concentration and market risks remained low.

What do the data show about insurance?

Insurance companies recorded increases in both gross written premiums and claims paid compared with the same period of the previous year. Claims grew faster than premiums, increasing the ratio between the two figures.

Insurers’ liquidity remained above the regulatory minimum, according to the NBM. The solvency ratio was 168% for non-life insurance and 621% for life insurance, against a minimum requirement of 100%.

When will the assessment resume?

The National Committee for Financial Stability reviewed these data at its meeting on September 22, 2026, and took note of the information presented. The next regular meeting is scheduled for December 2026.