Loans in the banking system deepen the decline posted last month with a fall of 1.03 percent in real terms over 12 months due to a drop in the commercial portfolio. Meanwhile, consumer loans grow for the 8th consecutive month, and housing loans also expand - albeit at a slower rate than in November.

Total loans and loans by portfolio, banking system
(Real annual variation expressed in percentage)

Gray: Total loans. Aqua: Commercial loans. Purple: Consumer loans. Orange: Housing loans.

Aggregate credit risk indices increase compared to November. The arrears ratio of 90 days or more (AR90) reaches 2.42 percent (2.37 percent in November 2025), and the impaired portfolio ratio (IPR) is 6.1 percent (6.02 percent in November 2025). The loan-loss provisions index (LLPI), on the other hand, falls to 2.58 percent (2.59 percent in November 2025).

Portfolios show uneven behavior. Consumer and housing indices grow except for the LLPI in both portfolios, which decreases. Meanwhile, the commercial portfolio displays mixed behavior: the IPR increases; the LLPI declines; and the AR90 shows no variation.

This mixed behavior extends to indices when compared to 12 months ago as all housing indices grow; most consumer indices increase; and most commercial indices decrease (see Page 4 of the Performance Report).

Provisions coverage decreases during the month but increases verses 12 months ago.

Cumulative profits increase due to lower tax expenses because of accounting adjustments that move part of said taxes to future periods (deferred taxes), as well as increases in net financial results and net income from fees offsetting drops in interest and readjustment margins. Profitability indices, however, display uneven behavior compared to a year ago: the return on average assets (ROAA) increases to 1.32 percent, but the return on average equity (ROAE) decreases to 15.02 percent.

Loans granted by savings and credit cooperatives grow at a higher rate than that of November, but below the one posted 12 months ago. The consumer portfolio, which represents 68.76 percent of total operations as of December 2025, expanded by 5.19 percent in real terms over 12 months and is the main reason behind this result.

Total loans and loans by portfolio, savings and credit cooperatives

(Real annual variation expressed in percentage)

Gray: Total loans. Aqua: Commercial loans. Purple: Consumer loans. Orange: Housing loans.

All credit risk indices grow compared to November. The provisions index (PI) is 4.07 percent (4.04 percent in November 2025); the AR90 reaches 2.2 percent (2.14 percent in November 2025); and the IPR increases to 8.18 percent (7.95 percent in November).

Portfolios show uneven behavior. All consumer indices grow; most commercial indices decline; and housing records an increase in the AR90, a fall in the IPR, and no variation on the PI (see Page 7 of the Performance Report).

Increased interest margins led to a better cumulative result in November, but support expenses also grew during the month. Despite better cumulative results, profitability indices fall compared to last month as the ROAA declines to 2.52 percent and the ROAE falls to 12.19 percent.