The Monetary Policy Report of the Bank of the Republic (Julio IPM) says that the portfolio continued to recover in the second quarter, in an environment of relatively stable interest rates and some improvement in risk indicators.
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After 21 months of real negative figures, in the run of the year a gradual recovery of the total credit portfolio continued to be observed, “In an environment of improvements in the perception of credit demand and lower restrictions for the granting of loans; expectations of additional reductions in the monetary policy rate (TPM), although less than those expected at the beginning of the year; real interest rates nearby or in line with its historical average levels and quality indicators of the portfolio that continued to improve, although they remain at historically high levels.”
The report indicates that this is reflected in favorable credit conditions that allow to expect credit to continue recovering and can reach positive growth in the second half of the year, which could favor the dynamism of economic activity.
Likewise, the report says that during the second quarter of the year the credit portfolio continued to recover, reaching an annual expansion close to 5% in June, with real -minor real contractions. In June, All credit modalities continued with a growing trend in its annual growth rates, with positive figures and higher than those of 2024.
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Bank of the Republic
Consumption portfolio
The consumption portfolio continued its recovery path, and registered in June a positive annual variation of 0.4%, after a year and a half of annual contractions. At the same time, during the second quarter the modalities of Commercial, housing and microcredit credit presented growth Annual some somewhat greater compared to those of the first quarter already those recorded in the average of the second semester of 2024.
In real terms, the IPM says, the total credit portfolio continued to contain annually, although at a lower rate than that observed the previous year, showing recovery signs in all its modalities.
Consumer credit He was the only one who contracted annually in real terms, But with increasingly negative annual variations, while the commercial portfolio remained stable compared to the levels observed in the first semester of 2024.
Housing and microcredit credit presented positive annual real growth rates, with a mortgage loan that continued to accelerate in the margin.
He points out that the credit perception survey, with information as of March 2025 And applied to banking entities, it showed favorable signals for credit, with improvements both in the perception of supply and credit demand, although the demands remain high, in an environment of levels of risk of the portfolio that remain high.
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Credit
On the demand side, favorable signals are confirmed with the positive balance in the availability of credit that It is maintained in the quarterly survey data of economic expectations April.
Disbursements for all credit modalities during the year of the year were superior to those observed in 2024, What would be supporting the recovery of the portfolioin an environment of lower indebtedness of households in relation to their available income and lower interest rates, says the IPM.
The interest and placement interest rates continued to reflect the transmission of monetary policy, being relatively stable in the second quarter of 2025. In that period, the Board of Directors of the Bank of the Republic reduced the TPM in 25 basic points (PB) at its April to 9.25%meeting.
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Holman Rodríguez Martínez
Portfolio journalist
