Andina

Peru: Credit to people accelerates, up 11.7% in March 2022

Photo: ANDINA/Archive

Photo: ANDINA/Archive

12:03 | Lima, May. 3.

The year-on-year growth of loans to individuals went from 9% in February to 11.7% in March, accelerating to its highest expansion rate since September 2019, the Central Reserve Bank (BCR) reported on Tuesday.

The issuing entity indicated that this dynamism was favored by higher loans in Peruvian Soles, whose increase was 12.8% year-on-year in March versus 10.6% in February.

By segments

The institution explained that, by segments, consumer loans grew 15.1% annually in March compared to 10.5% in February.

This was explained by the higher year-on-year growth of vehicle loans (13.8%) and of the rest of consumer loans (18.8%); the latter was mainly due to the reclassification effect in March by a financial entity.

The BCR stressed that mortgage credit increased 7.3% year-on-year in March —higher than the 7% rate in February.

In monthly terms, credit to individuals rose by 2.4% in March —the eighth consecutive month of expansion.

It asserted that this monthly increase was explained by the higher growth of consumer and mortgage loans at 3.4% and 1%, respectively.

(END) NDP/SDD/MVB

Published: 5/3/2022