Commercial banking credit to Mexico's private sector, excluding past due loans, grew 13.3% in real terms in November compared to the same month a year ago and growth was up from 12.0% the previous month, data released by Banco de México on Dec. 30 showed.
The total portfolio of loans to the private sector, excluding past due loans, reached 3.613 trillion Mexican pesos in November.
The main reason was stronger corporate lending to individuals and businesses, which represents around half of total commercial banking credit. Corporate loans rose 18.1% in November year over year compared to 14.8% growth in October.
However, banking credit to consumers in Mexico, which represents around 25% of total commercial lending, grew 9.3% in November compared to the same period a year ago, which was down from 9.6% growth in the previous month.
Consumer lending was again fueled by growth in durable consumer goods, personal and payroll loans, which rose 16.4%, 11.3% and 10.4%, respectively, in November compared to the same month a year earlier.
Mortgage lending rose 7.2% in the period, which is down slightly from growth of 7.3% in October.
As of Dec. 29, US$1 was equivalent to 20.65 Mexican pesos.