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Credit granted by Mexico's commercial banks to the private sector rose 9.7% in the 12 months to end-September after increasing 12.4% in the 12 months ended August 31, according to central bank figures.
The figures consider direct credit extended to individuals and non-banking private sector firms.
Credit amounted to 1.67tn pesos (US$154bn) as of September 30 this year.
Loan growth has been slowing as banks have become more cautious about lending in light of a worsening economic environment, Enrique Castillo, head of banking industry association ABM, told BNamericas.
Mexico's GDP is expected to grow less than 1% in 2009.
Commercial lending was up 17.6% to 826bn pesos during the 12 months, while mortgage lending grew 10.8% to 289bn pesos.
Consumer lending was down 26.5% during the same timeframe to 357bn pesos and loans to non-bank financial intermediaries jumped 167% to 200bn pesos, reflecting the transfer of consumer loans that Banamex made to one of its subsidiaries, a non-bank lender, last March, the central bank said.
Banamex, controlled by Citi (NYSE: C), is Mexico's second largest bank and holds the second biggest consumer loan book among commercial banks.