Interest rates on bank loans rose in October, according to the Central Bank (BC) Monetary and Credit Statistics survey, released today (26), in Brasília.
In operations with rates freely defined by banks, the average rate charged to companies and families was 32.8% per year, an increase of 2.2 percentage points in relation to September, when it was 30.6% per year. This is the highest rate since March 2020 (33.3% per year).
Families paid an average rate of 43.8% per year, up 2.1 percentage points from September, and companies, 19.1% per year, an increase of 2 percentage points. In 12 months, increases were 4.8 percentage points for individuals and 7.1 points for companies.
In the case of families, the BC highlighted the increases in the rates of non-payroll-deductible personal credit (6.2 percentage points, reaching 83.6% per year in October), payroll-deductible personal credit for public servants (0.9 percentage point, with rate of 17.9% per year) and revolving credit card (4.1 percentage points; rate of 343.6% per year). The overdraft was at a rate of 128.8% per year, a drop of 0.8 percentage point compared to September.
In corporate credit, the highlight was the growth in the costs of contracting the discount of trade bills and other receivables (1.5 percentage points, at a rate of 14.2% per year), working capital with terms of less than 365 days ( 6 percentage points; rate of 22.1% per year) and working capital with a term of more than 365 days (2 percentage points, with interest at 19% per year).
default
Delinquency, considering delays of more than 90 days, of non-earmarked credit for individuals reached 4.3%, up 0.1 percentage point compared to September. Default by companies remained at 1.6%.
Directed credit
The rise in interest rates was also observed in earmarked credit operations, which have rules defined by the government and are aimed basically at the housing, rural, infrastructure and microcredit sectors.
The average rate for individuals rose 0.4 percentage point to 7.7% per year. For companies, the increase in the month was 1.3 percentage points to 10.8% per year.
Delinquency on payroll-deductible loans remained stable at 1% for legal entities and 1.4% for families.
base rate
The rise in bank interest rates occurs during a period of increase in the basic interest rate, the Selic, currently defined by the BC’s Monetary Policy Committee (Copom), at 7.75% per year.
When the Copom increases the basic interest rate, the purpose is to contain the heated demand, and this affects prices, because the higher interest rates make credit more expensive and stimulate savings.
Banks also consider other factors when defining the interest charged to consumers, such as default, profit and administrative expenses.
loan balance
The credit of the National Financial System totaled BRL 4.5 trillion in October, an increase of 1.5% compared to the previous month. According to the BC, this performance reflected increases of 0.9% in the corporate portfolio (balance of R$1.9 trillion) and 1.9% in that of families (R$2.6 trillion), in October compared to the previous month.
In relation to October 2020, credit increased by 16%, the same performance as in the previous month. According to the BC, in this 12-month comparison, credit for companies slowed down, from 11.7% (in the 12 months ended in September) to 11.4% (12 months ended in October), while that intended for families continued to expand, from 19.5% to 19.7%.
The balance of free credit to companies totaled R$ 1.2 trillion, with increases of 1.2% in the month and 15.9% in 12 months, with emphasis on the modalities of advance payment of credit card bills (5, 5%), working capital with terms of more than 365 days (0.9%) and export financing (3%).
For individuals, free credit reached R$ 1.4 trillion in October, up 2.2% compared to the previous month and 21.3% year-on-year. The BC highlighted that there was “evolution in the main portfolios of the segment”, such as credit card (4.2%), non-consigned personal credit (4.1%), payroll-deductible personal credit for public servants (1%) and financing for the purchase of vehicles (1.2%).
The balance of earmarked credit operations aimed at companies reached R$ 695 billion in the month, with monthly growth of 0.6% and year-on-year growth of 4.2%. In credit directed to families, the balance totaled R$1.2 trillion in October, with positive variations of 1.5% in the month and 17.8% in 12 months, “fostered by the continued favorable performance of rural credit with rates regulated (2.9%) and real estate financing with regulated rates (1.1%)”.
new loans
New credit contracts from the financial system reached R$ 428.9 billion in October. In the seasonally adjusted series, the flow increased by 1.7% in the month, with expansion of 5.1% in concessions to legal entities and an increase of 0.1% for individuals.
