2023-04-16 07:33:57
bankinter will kick off the presentation of results for the first quarter of 2023 on April 20. The market consensus expects the interest margin to grow at double-digit rates, which in the case of the entity headed by María Dolores Dancausa, would register an improvement of 50% compared to the previous year. AND This spectacular growth would not come from growth in the volume of creditbut for your appreciation as a consequence of the rise in interest rates and its effect on the Euribor.
In fact, the data released by the Bank of Spain for the first two months of the year, already pick up this slowdown in the rate of granting mortgage credit. Thus, in February the outstanding balance of the new mortgages was left at the gates of the 4,000 million euros (3,996 million), which represents a decrease of 23% compared to December, when 5,194 million euros were registered. In year-on-year terms, the drop was almost 11%.
However, contrary to what one might think, entities have found an unexpected ally in consumer credit and of credit cards and ‘revolving’. The figures released by the agency reflect that both are showing great resilience in the first months of the year despite the fact that the rise in interest rates is also making them more expensive, especially the former.
According to data from the supervisory body, in January and February families subscribed a total of 4,924 million euros in consumer loans, divided into 2,566 million euros in February and another 2,339 million euros in January. These amounts are in line with those signed throughout 2022. To give an example, in the first two months of 2022 the joint volume stood at 4,400 million euros.
At the same time, the interest rate applied has maintained its upward trend which was seen throughout the last year, coinciding with the rise in interest rates by the European Central Bank (ECB). so, ehe average TEDR rate, which excludes commissions, stood at 7.55%, the highest level since October 2018, and represents an increase of 20% compared to February 2022, when it stood at 6.27%.
Nor have the rise in inflation and greater economic uncertainty made families they have contained themselves when it comes to reaching for their credit cards and ‘revolving’, since its evolution has been similar to that of consumer credit: the volume of new operations is maintained without major fluctuations from month to month. In February it stood at 11,354 million euros, while in January it was 11,424 million euros. In the first two months of the year they were around 11,000 million euros.
As for the interest rate on new operations, it remains above 18%, a percentage that has been repeating throughout 2022. In this sense, the rise in rates has not raised the cost of financing purchases through plastic money. Moreover, in February it experienced a slight decrease of 1%.
The cost of credit to companies skyrockets
On the other hand, the Credit to companies has registered a more pronounced rise in the rates applied than, for example, individual loans: 233% year-on-year in the second month of the year, since the average amount of new operations stood at 3.96% in February, while a year ago , the interest rate was 1.18%. However, there are differences depending on the amount, reaching up to 4.05% for amounts up to 250,000 euros and 3.87% for amounts over one million euros.
This increase makes it possible to offset the slowdown in the volume of credit. And it is that the companies have been affected by the rise in prices and the lower visibility for the future. According to data from the Bank of Spain, in February the outstanding balance stood at 22,484 million euros, which represents a year-on-year drop of 17%. The highs of 2022 exceeded 36,000 million euros. However, over the past few months the registered volumes have experienced numerous fluctuations, both upward and downward.
#bank #compensates #mortgage #stoppage #consumer #credit #higher #prices #companies