29% of the new loans placed in 2021 were for consumption

The data at the end of 2021 registered by the Association of Private Banks of Ecuador (Asobanca) reveal that throughout the year $ 25,551 million in new credits were placed on a national scale.

Of this amount reached, 29% went to the consumer segment and 71% to the productive sector. The figure registered last year represents an increase of 9%, that is, $2,116 million more compared to the placement of all of 2020.

In 2021, private banks delivered 74% of all new loans granted by entities in the country’s private financial sector. The other 25% was delivered by the cooperative sector and the remaining 1% was concentrated by the mutualists.

This is how, between January and December 2021, private banks delivered 6.9 million new credit operations; this represents a growth of 13% in relation to the operations granted in 2020 (790,003 additional credits).

The private banking credit portfolio closed 2021 with a growth of 12% compared to 2019, the pre-pandemic year

In 2021, a year of challenges for all economic sectors, it is important to note that banking was a key ally for entrepreneurs and micro-entrepreneurs who needed credit for their businesses. Microcredit was the segment that grew the most in 2021. This type of loan is the one that is destined to the financing of entrepreneurs and micro-entrepreneurs.

private banking delivered $2.11 billion in new microloans between January and December 2021; This represents an increase of 63%, which is equivalent to an additional $812 million compared to the same period in 2020.

Asobanca stressed that, throughout the year that ended and in 2022, private banking ratifies its commitment to continue being that bridge that connects Ecuadorians with their growth goals and the search for a better quality of life through credit. . (I)