Peso-denominated loans to Argentina's private sector rose 4.7% month over month in September, El Cronista reported, citing a report from Ieral, the research arm of nonprofit civil group Fundación Mediterránea.

The expansion was driven mainly by commercial and guarantee lines, including those tied to mortgage loans, according to Ieral.

The month-over-month increase was an improvement from the 4.1% growth recorded in August and the highest recorded since December 2016, the publication concluded.

Peso-denominated consumer loans, including personal and credit card loans, rose 3% in September, lower than the 4% increase in August.

Meanwhile, dollar lending grew 0.6% in September, a significant slowdown from the 9% growth in May, Ieral said.

Ieral concluded that though there was a strong contraction in dollar lending, mortgages and guarantees "continue to show a good rhythm," the report noted.