The total balance of loans in pesos to the private sector reaches a level of $ 2,936,023 million, representing a rise in the last 365 days of $ 931,988 million, equivalent to a 46.5% annual increase, values that are just above inflation for the period if we analyze specific values. During the last month, the growth has been $ 46,581 million, which represents 1.6%, accelerating with respect to the previous month and below the inflation expected for the month. In the first quarter of the year, total loans to the private sector grew 4.6%.
First Capital Group individually analyzed the main loan lines and their different behaviors.
The line of personal loans grew 4.0% monthly, chaining his tenth consecutive raise. The balance rose to $ 487,319 million for the accumulated total, presenting a year-on-year growth in nominal terms of 19.4%, against $ 408,105 million at the end of the same month of the previous year. In the first three months of the year, this line registered an increase of 9.6%. “Loans for the month continue to grow in relation to the previous month, and at the same time setting a new record value in absolute terms of monthly loans, which leads us to think that this financing segment will once again reach the amount of the credit card line as as it was in mid-2019, today it reaches just over half. The beginning of the school year and the end of the holidays always generate additional financial needs that are manifested with the boom in placements ”, explained Guillermo Barbero, partner of First Capital Group.
Operations through credit cards registered a balance of $ 964,585 million, which means an increase of 5.9% compared to the end of last month. about $ 53,525 million above February. Year-on-year growth reached 60.7%, well above inflation for the period. In the quarter the increase was 5.4%. “After a two-month respite, plastic money recovers its dynamism, surely for the same reasons that we mentioned in the line of personal loans in addition to some promotions of the” Now 12 “program with a deferral of the first maturity,” assured Barbero.
As for mortgage credit lines, including those adjustable for inflation / UVA, during March they grew 2.9% with respect to the stock of $ 221,034 million of the previous month, accumulating a total balance at the closing of $ 227,529 million and an interannual rise of 6.9% in nominal terms. “An interesting rate of growth is observed in this operation, which has been maintained for more than three months and especially the last month shows an interesting value. Construction and repair loans are the most favored at this juncture given that some investors dump their surplus pesos to real estate projects that have mortgage financial support. ”, Barber detailed.
The pledge credit line presents a balance of $ 124,753 million, growing 64.8% versus the portfolio at the end of the same month of 2020 of $ 75,706 million, widely exceeding year-on-year inflation. The variation with respect to the balance of the previous month marked a rise of 7.8%, accumulating nine monthly increases. In the first quarter of 2021, pledged loans rose 15.2%. “The interest of consumers for 0km vehicles that show attractive prices in dollars and can be paid in pesos, also boosts the used market, all this movement favors the placement of garments on the vehicles”, Barbero continued.
In relation to commercial loans, this line decreased its balance by 4.6% compared to the balance observed last month, placing it with a portfolio stock of $ 915,158 million, in what was the first significant nominal decrease in more than a year. Compared to the same month of the previous year, the rise is 54.8%, well above inflation for the period, influenced by the battery of measures taken by the National Government and the Monetary Authorities in the context of the pandemic at the beginning of 2020 In this line, significant growth is observed compared to last year but stagnation in recent months, showing a decrease of 0.3% in the first quarter of the year. Caution rules among businessmen and entrepreneurs when deciding on new bank debt and they are waiting for signals that arise from government authorities in the form of development lines ”, Barber concluded.
As for loans in dollars, compared to last month they had an increase of 4.2%, interrupting a year of consecutive monthly falls, although presenting a year-on-year decrease of 41.1%. The stock of loans in dollars is US $ 5,267 million. 71.1% of total debt in foreign currency continues to be the commercial line, which fell 44.1% in the year. In the quarter, loans in dollars fell 0.6%. As we anticipated the previous month, the lower rate of devaluation expected for our currency encouraged borrowing in foreign currency.
Credit cards registered a year-on-year decrease of 20% and a decrease of 3.9% in the first quarter, although with an irregular monthly behavior. In March they grew 4.8% compared to the previous month, but these values are not significant based on all operations in the item. The current balances of the cards in foreign currency currently reach around 10% of the values of a couple of years ago, this is explained by the limitations on trips abroad and the differential exchange rate, called “solidarity dollar” , with which the consumptions must be paid.