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BNDES lending fell 12.8% in 2016 amid broader market retreat

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BNDES lending fell 12.8% in 2016 amid broader market retreat

Lending at Brazil's state-run banks in 2016 dropped for the first time since 2001 on the back of a record 12.8% pullback at Banco Nacional de Desenvolvimento Econômico e Social.

Overall, state-run banks in Brazil loaned out some 1.73 trillion Brazilian reais in 2016, down 3.7% year over year, Valor Econômico reported, citing data from Banco Central do Brasil. Excluding BNDES, lending at other public banks grew 1.2% over the year.

State-owned banks' credit market share in the country hit 55.7% in 2016, down 10 basis points from 2015.

The result from the state banks comes as loans granted by private banks fell 3.24% on the year, while lending across the entire Brazilian banking market dropped 3.5%.

As of Jan. 26, US$1 was equivalent to 3.18 Brazilian reais.