Loans in pesos rose sharply in October. Improvements were seen in practically all lines.
Personal loans showed a monthly nominal growth of 15.1% monthly in October, which is why they widely exceeded inflation that is estimated to be close to 3% for the same period. The balance reached $8.1 billion, which implied a year-on-year growth of 349.6%, also well above the price increases of the period.
This was reported in a report by First Capital Group. Guillermo Barbero, partner of the entity, explained that this segment is leading the increases in the total granting of loans fundamentally due to “the extension of the terms observed in the new placements before the expectations that the rate will continue to fall in the coming months as a result of the projected decline in inflation.
In parallel, the operation through credit cardsaccording to the latest data reported by the Central Bank, recorded a balance of $13.4 trillion as of October 31, which represented a nominal 14.4% increase compared to September. ¨During this month, the use of plastics recovers its growth rate and approaches that of personal loans after several months with a performance, although important, lower in terms of public preference. The lowering of the rates of the “simple fee” programs and the promotions of “online” sales predict an acceleration towards the end of the year”, stated Barbero.
Regarding the lines of mortgage loansincluding those adjusted for inflation/UVA, during October they had an increase of 26.9% with respect to the stock of $956,378 million from the previous month, the most important percentageaccumulating a total balance at closing of $1.2 billion. ¨The growing momentum of placements continues month after month, although we must not lose sight of the fact that we are starting from very low values: according to these values, In a single month, more than a quarter of the current portfolio was placed¨, assured Bib.
The line of collateral credits presented, according to data published by the BCRA, grew 12.4% and recovered the growing trend that it had temporarily lost the previous month. “The lowering of the rates that we mentioned above will surely impact positively on this item, which is very sensitive to the financial cost,” added the head of First Capital.
As for the dollar loansCompared to last month, the total amount has increased by 12.9%. Regarding the interannual variation, it presented a significant increase of 126%, which left a stock of US$8,483 million. The rise was driven by the growth of deposits in dollars.
Source: Ambito
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