Asbanc: Commercial lending up 6.8% in June

Total commercial loans in the Peruvian banking sector rose 6.8% to US$10.4bn in June compared to the same month last year, an official from banking association Asbanc confirmed to BNamericas. Commercial loans are expected to continue growing through the remainder of the year, according to the official. Consumer lending grew to US$1.62bn in June, up 2.5% from May, and has been fuelled by credit card operations, according to an Asbanc report. Consumer lending is expected to continue at current growth rates, the official said. Loans to micro-sized enterprises jumped 37.6% year-on-year to US$547mn in June, driven by more bank involvement in the sector. Mortgage lending in the Peruvian financial system grew 19.2% to US$1.69bn in June compared to the same month 2004, and should continue to increase on growth in home financing to low-income individuals, particularly through the government-backed Mivivienda program. Overall gross lending showed a 12.7% increase in June to US$12bn compared to the same month last year, as lending improved under a more favorable economic environment.