Credit placement grew 14.6% year-on-year

Ecuadornews:

The banks talk about the recovery of the supply and demand of loans, however they hope that the liquidity in the country increases so that the rhythm continues. Despite the growth of applications and deliveries of credits in the country, deposits have not kept pace, which could slow down the granting of loans.

According to the macroeconomic bulletin of the Association of Private Banks of Ecuador (Asobanca), the balance of the gross portfolio granted in loans reached $ 26,653 million up to August 2018, which means an annual variation of 14.6% or $ 3,398 million more than in the same month of last year.

“Never before has it been possible to place such high credits. There has been a recovery in the demand and supply of credit, “said Julio José Prado, executive president of Asobanca.

Of the total financing granted, $ 16,590 million was allocated to production, which represents 62% of the loans.

Of this figure, 48% ($ 12,720 million) was granted as commercial and productive credit. Placements in housing and microenterprises are 8% and 6%, respectively, while credit for consumption and education was 38%, which is equivalent to $ 10,063 million.

Prado warned that this trend and rate of growth will depend on the level of Ecuadorian liquidity and the upcoming deposits that are made. This item closed August with $ 28,575 million, which represents a growth of 5.2% with respect to August 2017.

On the other hand, private banking is waiting for the provisions of the Superintendency of Banks to proceed with the cleaning of the record credit that is part of the Law of Productive Development.

The entity will decide this Thursday, September 28 on this procedure. (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/asobanca-creditos-ecuador