these are the most chosen lines

Loans in pesos grow 45.8%

In June, the total balance of loans in pesos to the private sector reached a level of $ 2,278,378 million, representing a rise in the last 365 days of $ 715,368 million, equivalent to an annual increase of 45.8%.

In the last semester, total loans to the private sector has grown by 21.8%, which places it above the estimated inflation for said period. Growth is concentrated in the second quarter of the year, where loans increased 14%, according to a report by First Capital Group.

During the last month, the growth has been $ 80,134 million, which represents 3.6%. “The rise produced during the period of Mandatory Preventive Social Isolation is slowing down to the extent that the funds arranged by the Monetary Authority are completed, “explains Guillermo Barbero, a partner at the consultancy.

Credits in pesos: main lines

If we analyze the main lines of loans individually, different behaviors are seen:

The line of loans personal fell for the third consecutive month, declining 0.1%. The balance fell to $ 398,559 million for the accumulated total, presenting an interannual decrease in nominal terms of 4.9%.

“In the first six months of the year, loans were stable, rising just 0.1%. But in the second quarter, this line fell 2.5%, people’s demand remains very withdrawn Given the bad economic forecasts after the pandemic and the threat that employment is suffering, the BCRA regulation that extended the postponement of maturities moderates the drop in this line, “said Barbero.

The operation through Credit cards, records a balance of $ 640,930 million, which means an increase of 8.3% compared to the end of last month, about $ 49,277 million above May. Year-on-year growth reached 59.6%, accelerating compared to the previous month. In the semester, the increase was 11.9%, accumulating in the second quarter an increase of 7.3%.

“This line has been the chosen by families to finance consumption needs, mainly due to its flexibility and the decrease in financial costs that the monetary authority ordered. Besides, the validity of the programs “Now 12”, they keep the stock growing “, agrees Barbero.

As for the lines of credits mortgage, including those adjustable for inflation / UVA, during June remained stable with respect to the stock of $ 211,961 million the previous month, accumulating a total balance at the end of 211,922 million and a year-on-year drop of 0.2%. In the semester this line accumulates a fall of 1.5%. “We assume that the decline would have been stronger if the deferment of unpaid maturities had not been arranged,” according to Firts Capital Group.

The line of pledge credits presents a portfolio balance at the end of June 2020 of $ 74,950 million, evidencing a decrease of 13.3% versus the portfolio at the end of the same month of 2019 of $ 86,417 million.

“He market automotive is having a reactivation thanks to the good prices of the rolled 0km in dollars, this also has a favorable impact on the market for new loans“Barbero justified.

Credit card financing is chosen by families to finance needs

What about business loans

In relation to loans commercialThis line began to decelerate its growth with respect to the balance observed last month, after three months of sharp rise: it was $ 18,896 equivalent to 2.5% per month, locating it with a portfolio stock of $ 783,030. Compared to the same month last year, the rise is 109.9%, more than doubling inflation for the period.

It should be noted that in the last days ultra-cheap loans were launched for businesses, with a rate of 12%, up to $ 500,000 and a grace period.

This category of loans was the one that increased the most in the semester, accumulating a growth of 53.6%, while in the second quarter it was up 32%. “Almost all of the government-sponsored development lines have already been placed, once the Compulsory Preventive Social Isolation has ended, surely new measures will be needed that favor the creation of working capital of economic units, “concluded Barbero.

As for the loans in Dollars, compared to last month, they had a fall of 7%, presenting an interannual decrease of 54%. The decline in financing in foreign currency continues, adding up its eleventh consecutive monthly drop.

The mortgage line presented a 4.7% year-on-year drop, accumulating all monthly falls since the beginning of the year, falling 8.7% in the first half. In any case, it is a line that only represents 4.8% of the total debt in dollars.

Credit cards registered a sharp rise compared to the previous month of 42.7%, but with a year-on-year drop of 62.4%. In the first six months of the year the balance of credit cards in dollars fell 52.8%, although it accumulates a 12% increase in the last three monthss. Some post-pandemic travel deals and the need to incorporate technology for remote work, may be the explanation for the reactivation of the use of the line in foreign currency.

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