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Report: Mexican bank lending to private sector rose 11.1% in March YOY

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Report: Mexican bank lending to private sector rose 11.1% in March YOY

Despitecontinuing global economic volatility, Mexican commercial banks increased lendingto the private sector by 11.1% in March compared to the same month a year earlier,El Economista reported, citing data fromthe Mexican central bank, Banxico.

The banks'total loan portfolio for the private sector reached 3.1 trillion Mexican pesos,up from 2.7 trillion pesos a year ago, the report said.

Consumerloans grew 9.8% to 775.3 billion pesos, mortgages rose 9.7% to 597.6 billion pesos,loans to businesses were up 12.7% to 1.6 trillion pesos and lending to non-bankfinancial entities increased 6.2% to 136 billion pesos.

The commercialloan portfolio included a 97% increase in loans to the mining sector; 20.6% growthin the agriculture, livestock and fishing sector; and 16% growth in the constructionsector.

Separately,Mexican development banks increased lending by 8.1% year over year to 801 billionpesos as of March, the report said.

As of May 2, US$1 was worth 17.23Mexican pesos.