All loan segments increase in October, mortgage lending hits record high - Peru
All loan segments increase in October, mortgage lending hits record high - Peru
Saturday, November 21, 2009
(BNamericas.com) - Peru's private sector banks saw an increase in all loan segments in both US dollar and sol-denominated credit in October, as mortgage lending hit historic highs, according to a report from banking association Asbanc.
Banks had 55.4bn soles (US$19.2bn) in commercial loans as of end-October, of which sol-denominated loans totaled 19.3bn soles, rising 0.90% from a month earlier, while US dollar-denominated loans were US$12.4bn, inching up 0.08%.
The better commercial credit performance in the month is in line with expectations for the fourth quarter due to companies' preparations for the holiday season, Asbanc said.
Private sector banks hit 16.2bn soles in consumer loans as of October 31. Of the total, local currency-denominated loans rose 1.20% in the month to 13.8bn soles, as dollar-denominated loans increased 1.44% to US$835mn.
The increase in consumer lending is due to Peruvians' increased confidence in recent months, which stems from reduced inflation, perceptions regarding families' financial situations, and employment expectations, as well as better credit conditions offered by banks, the association said.
Mortgage loans amounted to 12.3bn soles, with local currency loans rising 3.71% to 4.87bn soles, and foreign currency loans up 0.31% to US$2.54bn.
Both sol and dollar-denominated mortgage loans hit historic highs, due to an active demand for housing across the various socioeconomic segments, Asbanc said.
Finally, microenterprise loans totaled 5.52bn soles, as sol-denominated loans increase 2.86% to 4.68bn soles and US dollar loans rose 1.31% to US$290mn.
The credit increases can be explained by the intense competition among financial entities in attending to microenterprises, along with the dynamism of the sector, the report said....
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