Mortgage lending up 26% through Sep.

Tuesday, November 2, 2004

Colombian financial institutions affiliated to the savings and housing institute Icav issued mortgage loans worth 1tn pesos (US$390mn) during the first nine months of the year, according to an Icav report.

The figure represents a 26% increase compared to the same period last year, the report said.

A total of 2,533 loans were issued in September alone, for 148bn pesos, which is 31.5% higher than the amount issued during the same month last year.

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Total deposits in mortgage lending institutions grew by 3.6% to 22.1tn pesos in September this year compared to the same month 2003, according to the report.

The system's investment portfolio saw revenues drop 12.9% to 7.9tn pesos in September this year compared to December 2003.

Colombian financial institutions approved 1.9tn pesos in mortgage loans through the month of September this year, representing a 46.1% jump compared to the same period 2003.