The latest statistical release from the Bank shows that the amount being dealt out in loans – known as M4 lending – increased by 1.2% in March.
M4 lending minus the effects of securitisations also climbed by £29.4bn last month.
The money supply, otherwise known as M4, went up by £0.9bn, but remains down on the average over the last six months of £33.8bn.
The Bank suggests that repo and reverse repo activity, where a firm borrows against financial securities in a similar way to a secured loan, had a role to play in the latest figures.
Banks’ and building societies’ repo and reverse repo activity with other financial companies had a negative impact on the broad money supply and credit in March.
But the central bank says this was offset by a growth in deposit and lending business between banks, financial companies, and securitisation vehicles part of the same group.