The balance of credit operations in Brazil's financial system reached 3.070 trillion Brazilian reais in February, a decline of 3.5% from a year ago, the Banco Central do Brasil said.
Corporate transactions decreased by 0.3% in the month at 1.504 trillion reais, while consumer portfolios remained stable at 1.567 trillion reais, according to a March 29 statement.
The credit-to-GDP ratio also declined 4 percentage points to 48.7% from 52.7% in February 2016.
The balance of loan portfolios for consumers decreased by 0.5% from the previous month to 805 billion reais, with the decline attributed to overdrafts and payroll-deductible loans. Corporate portfolio balances grew by 0.1% to 724 billion reais, where the emphasis was on export financing.
The default rate for financial systems for credit operations with balances of more than 90 days in arrears remained stable for the third consecutive month at 3.7%, though was up 20 basis points from a year earlier, the central bank said.
As of March 28, US$1 was equivalent to 3.13 Brazilian reais.