Bank credit to Mexico's private sector increased 7.1% year over year reaching 3.790 trillion Mexican pesos with slight growth decrease in consumption, housing, companies and individuals, Banco de México said on July 31.

Lending to companies and individuals went up to 2.076 trillion pesos, marking a 9.2% increase. Consumer credit reached 910.90 billion pesos, up 3.7%, while credit to non-bank financial intermediaries increased 26.6% to 88.80 billion pesos.

Credit to housing was 714.80 billion pesos and grew 3.3% the central bank said, which marks a continuation of its worst growth streak in seven years.

Despite low growth figures in credit, the banking sector has stressed the growth figures are still double or triple that of Mexico's GDP, El Economista reported.

The sector expects better performance for the remainder of the year, especially as the economy has shown upward improvements in the second half of 2017 and as the uncertainty at the beginning of the year has faded, the publication said.

As of July 31, US$1 was equivalent to 17.85 Mexican pesos.