According to a report by First Capital Groupmortgage loans, during June had a rise of 5.4% compared to the previous month, accumulating an interannual increase of 45.8% in nominal terms. “For the first time in the last 8 monthswe are seeing real growth in this line of loans. The emergence of credit offerings from several private and public banks and the demand that has been pent up for many years is beginning to find a positive response in the market,” he said. Guillermo Barberopartner of the entity.
At the end of June, The total balance of loans in pesos to the private sector reached a level of $28.8 billionrepresenting an increase of $19 trillion in the last 365 days, equivalent to 176.3% annually, values that are below the inflation of the period, if we consider the last twelve months.
In turn, they reported that during the last month it was observed an increase of $4 trillion in nominal values, which represents an increase of 16.7%above the price index for the month, a situation that has been repeated for the second consecutive month.
“Banks continue to be interested in redirecting their credit offering towards the loan portfolio“But for a trend to emerge, we will have to wait for months to pass and for private activity to absorb the funds that were previously offered to the public sector,” Barbero explained.
The main lines of lending: how they fared in June
The line of personal loans rose in nominal terms by 17.1% monthly, The balance reached $4,059,340 million for the cumulative total, presenting an interannual growth of 188.1%compared to $1,409,159 million at the end of the same month of the previous year.
As the report stressed, The nominal increases indicated are well below the inflation of the year, but once again (third consecutive month) they show growth in real terms..
“The gradual recovery of wages, together with a drop in active interest rates and longer placement periods, allow for an increase the value of each loan placed: If we look at the monthly nominal growth rate, we can see that we are one step higher in terms of originations,” Barbero said.
The operation through Credit cardsrecorded a total of $8,489,754 million, which means a nominal increase of 7.8% compared to the close of last month, surely, they indicated, above the inflation values expected for this period. The year-on-year growth reached 177.0%, falling below the estimated inflation levels for the year.
“Here we also see, for the third consecutive month, a recovery of the portfolio in real terms: The return of installments, with and without interestallows consumers to access a wider range of goods, while at the same time, some merchants take advantage of the opportunity to offer sales in installments without added interest, thereby making an implicit discount,” he continued.
Regarding mortgage credit lines, including those adjustable by inflation/UVA, During June they had a rise of 5.4% with respect to the stock of $592,793 million of the previous monthaccumulating a total balance at the close of $624,859 million and a year-on-year increase of 45.8%, all in nominal terms.
“For the first time in the last 8 months, we are seeing real growth in this line of loans. The appearance of credit offers from several private and public banks and the demand that has been pent up for many years is beginning to find a positive response in the market,” he added.
The line of collateral credits presented a portfolio balance at the end of June 2024 of $1,408,837 milliongrowing 113.4% versus the portfolio at the end of the same month in 2023 of $660,294 million, again falling below inflation.
“LThe variation with respect to the balance of the previous month marked an increase of 13.6%. Here, too, we appreciate the benefits of lower interest rates, which makes it possible to carry out more transactions and extend their terms,” he argued.
Regarding commercial loans, this line saw its balance increase by 24.1% in the monthwell above the expected inflation, placing it with a portfolio stock of $ 12,489,404 million. Compared to the same month of the previous year, the increase is 198.2%, in this case below the CPI values expected for this period.
“This line of credit continues to be the driving force behind the recovery of loans in pesos to the private sector over the past two months, which is too short a period of time to indicate that we are witnessing a change in trend,” he said.
As for dollar loans, the total amount decreased by 0.02% compared to last month. As for the year-on-year variation, it showed an increase of 67.7%. The stock of loans in dollars was US$6,436 million. 73% of the total debt in foreign currency continues to be the line of commercial loans, which increased by 76.9% in the year and increased by 0.5% compared to the previous month.
Credit cards registered a year-on-year increase of 72.3%, although the monthly performance was irregular, alternating between increases and decreases. In June, the decline was 1.9% compared to the previous month. The balance at the end of June decreased to US$455 million. Portfolio balances are approaching pre-pandemic levels, indicating a normalization of operations.
Source: Ambito
