Loans in the banking system as of March 2026 bounce back from the loss posted last month by growing 1.57 percent over 12 months. This is due to the recovery of the commercial portfolio. Meanwhile, consumer loans expand for the 11th month in a row and at a higher rate than in February, while housing loans grow slightly, albeit at a lower rate than that of February (Graph 1).

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 decline compared to last month. The Loan-Loss Provisions Index (LLPI) moves to 2.57 percent (2.61 percent in February) while the Arrears Ratio of 90 Days or More (AR90) falls to 2.38 percent (2.42 percent in February) and the Impaired Portfolio Ratio (IPR) to 6.04 percent (6.14 percent in February).

Indices mostly fall by portfolio except for the AR90 in commercial loans, which grows. The housing portfolio displays mixed behavior as the IPR increases, the AR90 decreases, and the LLPI shows no variation.

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

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

Cumulative profits fell because of a lower net financial result paired up with broader acknowledgment of tax expenses after accounting adjustments that move part of said taxes to future periods (deferred taxes), and despite lower operational expenses, higher net fees, and an increased interest and readjustment margin. Profitability indices fall in turn: the return on average equity (ROAE) to 14.52 percent and the return on average assets (ROAA) to 1.28 percent.

As for cooperatives, loans grow at a higher rate than those of both February and 12 months ago. This is due to increased dynamism in all three portfolios. The consumer and housing portfolios represent 68.34 and 27.43 percent, respectively, of total loans, and posted growths of 5.35 and 15.05 percent (Graph 2).

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.

Most credit risk indices grow compared to February. The Provisions Index (PI) moves to 4.09 percent (4.08 percent in February) and the IPR increases to 8.64 percent (8.45 percent in February). However, the AR90 falls to 2.26 percent (2.35 percent in February).

Portfolios show declining indices. All commercial and housing indices decline, as well as the AR90 for consumer loans. Meanwhile, both the PI and the IPR increase for said portfolio (see Page 7 of the Performance Report).

Cumulative results posted in March decline due to increased net provision expenses, lower net fees, and a lower interest margin. However, financial operation results were better during the month. In line with these results, profitability indices fall compared to 12 months ago as the ROAA declines to 2.37 percent and the ROAE to 11.57 percent.