In July, the balance of the credit portfolio granted by banks for family consumption stood at one trillion 116 thousand 980 million pesos, which meant an increase of 5.6 percent compared to the same month last year, gave disclosed BBVA Mexico in an analysis carried out with figures from the Bank of Mexico (BdeM).
According to the financial institution, the advance of this credit segment in the seventh month of the year was greater than what it increased in the entire first half of this year, which was 3.2 percent.
“Current consumer credit, which represents 21.9 percent of the total credit balance, reached a real annual growth rate of 5.6 percent at the end of July 2022 and a nominal advance of 14.3 percent, exceeding the performance observed in the first half of the year, when the real growth rate averaged 3.2 percent,” he mentioned.
According to BBVA, in the disaggregation of the data, the only portfolio of consumer loans that continues with a weak recovery is that of automobile credit, whose balances registered a drop in real terms of 4.3 percent in the seventh month.
According to information from the central bank, the current balance in the credit card portfolio was placed at 406 thousand 559 million pesos, which represented an increase of 6.4 percent in real terms compared to the same month last year. .
In turn, in the loans that are granted to workers through their payroll, the portfolio was placed at 297 thousand 327 million pesos, an increase of 6.6 percent compared to July 2021.
Regarding personal financing, the current portfolio balance reached 184 thousand 929 million pesos, which represented an increase of 7.22 percent in the reference period.
However, the balance of financing for automobiles stood at 148 thousand 394 million pesos, which represented a drop in real terms of 4.3 percent compared to what was obtained in July of last year.
Thus, BBVA said in its monthly report on banking and the financial system that the drop in credit for vehicles would be associated with the low dynamism of automobile sales.
“Automobile sales indicators seem to indicate that the recovery of this credit segment will continue to lag behind, since in the last two months it has lost dynamism: the drop in sales in June and July deepened by registering a decrease of 10.2 and 12 percent, respectively, worsening compared to the performance of May, when the fall was 5.7 percent,” he pointed out.
However, the bank stated, “the dynamism observed in formal employment and real wages continue to underpin the recovery of the rest of the consumer credit segments.”