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Banxico: Mexican commercial banking credit growth slowed in August

Growthin commercial banking credit to Mexico's private sector slowed to 13.0% inAugust compared to the same month a year ago due to lower growth in nearly allmarket segments, Banco deMéxico data released Sept. 30 showed.

Thefigure for August, which compares to 13.9% growth in July, came in below the13.2% growth forecast by Banorte Ixe economists, El Financiero reported.

Corporatecredit to individuals and businesses, which represents over half of totalcommercial banking credit, grew by 16.4%, down from growth of 17.7% in July.

Meanwhile,banking credit to consumers in Mexico grew 10.3% in August compared to the sameperiod a year ago, led by growth in personal and payroll loans; that comparesto 10.7% growth the previous month.

Mortgagelending rose 8.1%, down from 8.4% the previous month, while growth in creditcard loans was steady at 4.9%.

Theprivate sector accounted for 75.3% of the total financing provided by Mexicancommercial banks in August.

As of Sept. 30, US$1 wasequivalent to 19.35 Mexican pesos.