The expansion in banking credit continued in July despite challenging conditions

  • Credit rose 3.2% y/y in real terms, stronger in all three categories and with consumer loans leading

  • Non-performing loans (NPLs) were unchanged at 2.6% of the total portfolio, despite a slight deterioration in mortgages

  • We expect credit to keep expanding during 2H22, although likely at a more modest pace due to additional headwinds
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