Tecnología

Peru’s largest lender, Credicorp Ltdis bracing for non-performing loans to skyrocket, a sign that the country’s recession initially sparked by the Riots and bad weather are spreading to the broader economy.

“Peru’s economic performance is significantly weaker than expected,” the company said in a statement alongside quarterly results, pointing to bad weather caused by El Niño as a key risk that will extend into early 2024. The bank said the new estimates “reflect significant additional provisions for expected needs.”

Credicorp said provisions (the amount of loans the bank does not expect to pay) had increased 85% compared to a year ago. and they were at historic highs if it weren’t for the pandemic. The company said it was seeing customers default on loans “due to a recessionary environment impacted by high inflation, low domestic demand and high interest rates” and “climate and social anomalies.”

Credicorp shares fell more than 5% in early morning trading after publishing results.

The negative outlook for Peru’s economy is significant coming from Credicorp, which is the largest publicly traded company in the country. It represents just the latest sign that Peru is no longer the best economic performer in Latin America as it used to be, after boasting some of the region’s fastest growth rates this century.. But years of political instability have eroded its potential, and civil unrest and flooding finally pushed the economy into recession this year.

The government led by President Dina Boluarte recently acknowledged the recession, but has struggled to revive the economy as private investment declines. The government is increasing public spending but has so far failed to boost business confidence or attract significant new investment to its important mining industry.

Others Financial institutions are also sounding the alarm on the risk of El Niño next year.

Scotiabank said it was unlikely that The central bank will reduce inflation to its target range of between 1% and 3% next year due to bad weather. Inflation currently stands at 4.34%.

At the beginning of October, the launch of the fifth book by the lawyer, artist and businessman was made official, Abelardo De La Espriella, at an event held within the framework of the International Book Fair, Liber, in Madrid, Spain.

This copy called “Murderous Souls” joins works that became best sellers of the lawyer as “Amores Criminales”.

De la Espriella expresses in the book that his interest in literature began since his childhood. in the Colombian Caribbean, and also highlights that, as an author, “his creativity unfolds without restrictions.”

With this new fiction release, the lawyer promises that readers, “will immerse themselves in an intriguing journey.”which takes place in 10 cities in different countries, including one in Colombia.

These cities mentioned in the text are Rio de Janeiro, Buenos Aires, Istanbul, Berlin, Madrid, Los Angeles, BarranquillaNew York, Rome, and Mexico City.

Something that stands out with this book is that it is accompanied by a song composed by La Espriella, and with this, ‘Almas Asesinas’ It becomes the author’s first book with a soundtrack, which is available on all music platforms such as Spotify, Apple Music, Deezeramong other.

“Each of its pages not only manages to keep the reader in suspense, but also contains interesting historical, geographical and artistic references.“, he assured From La Espriella in book promotion.

Since last October 6, the copy has been available in the Panamericana and Nacional bookstores and in the virtual store www.delaespriellastyle.com. In addition, internationally it is possible to purchase it on the Amazon platform.

El Economista – Mexico City

As part of their sustainability strategies, some banks are turning towards the placement of green mortgages, which results in benefits for the environment, but also for customers, since they obtain different benefits from it.

Although, according to bank executives, this issue is at an initial stage in Mexico, the trend, as in other sectors, is heading there.

And according to this bank, buildings and construction generate 37% of Greenhouse Gas (GHG) emissions in the world, and consume 36% of energy in their construction, operation, renovation or demolition stages.

Therefore, the institution says, the challenge is to design sustainable mortgages that recognize the credit conditions, the levels of eco-technological equipment installed in the property and/or the level of sustainability of the home.

“This product has to be focused on the different aspects of the home. In a first stage, towards what is the acquisition of new housing, and this has to evolve towards used housing and assisted self-production,” highlights Margain Pitman.

Hsbc offer

In this sense, since last Friday, Hsbc México put its green mortgage loan on the marketwhich offers different benefits for those who purchase this product.

Between these, They highlight lower interest rates that can be up to 9.25%, but also without opening fees, advance payment fees and no appraisal costs.in addition to having terms of five, 10, 15, 20 and 25 years, and financing of up to 97% of the value of the home.

Likewise, preferential rates on life and damage insurance. The conditions are applicable when purchasing a new home that has Leed or Edge sustainable certificates.

“When you see the cheapest interest rates, that the insurance is cheaper, when you identify that there is no type of commission, opening prepayment, appraisal, practically the interest rate you are paying, since it is almost your Total Annual Cost. You really do see it reflected in your pocket,” Enrique Margain highlighted.

For the director of Hsbc México, an ecosystem must be created around sustainable housing that transfers benefits to all its members.: from developers to end users, including financial entities and municipal, state and federal governments.

“At Hsbc México we are committed to sustainability and the transition to zero net emissions. In support of Mexican society that wishes to make this transition“Hsbc recognizes and rewards clients who purchase homes with high levels of eco-technological equipment in the property and in its level of sustainability, which is aligned with the highest standards in the matter,” he commented.

Joins Santander’s proposal

Last July, Santander México had announced its green mortgage, which rewards customers for taking care of the planet and purchasing a home in developments with sustainable construction certification.

Among the benefits announced by the bank are also lower interest rates; discount on appraisal payment; no opening fee; lower service costs; greater capital gains in homes in the long term; competitive advantages over other properties when selling, and contribute to avoiding climate change.

For developers, this mortgage represents a competitive differentiator, among which stand out: expedite sales and/or customer attraction; reduce operating and maintenance costs; increase property value and provide recognition for the benefit they will provide to the community.

“Over the next few years we expect a significant percentage of mortgage placements to be green.”, mentioned on that occasion Antonio Artigues Fiol, executive director of retail banking at Santander México.

BBVA will continue promoting the sustainability of the sector

While, Bbva México announced last March, within the framework of the presentation of the mortgage offer to housing developers, that will continue to promote sustainability in the sector, and reported that in 2022, 1,568 homes with these characteristics will be financed, for an amount of $2.9 million.