Average interest rates charged by banks rose to families and companies in August, according to Monetary and credit statistics released this Monday (29), by the Central Bank (BC), in Brasilia.
In free credit operations for individuals the highlight was the advance of 5.3 percentage points (PP) at the revolving credit card rate, reaching 451.5% per year.
The sport is one of the highest on the market. Even with the limitation of interest on revolving interest – in force since January last year – Interest varies without a significant drop over the months. This is because the measure aims to reduce indebtedness, but does not affect the interest rate agreed at the time of contracting the credit.
In the 12 months closed in August, interest on the revolving credit card rose 24.6 pp for families. Revolving credit lasts 30 days and is taken by the consumer when it pays less than the full amount of the credit card invoice. That is, it contracts a loan and starts paying interest on the amount you could not pay off.
After 30 days, financial institutions parcel the credit card debt. In this case of the installment card, interest fell 2.7 pp in the month and 1.6 pp in 12 months, going to 180.7% per year.
In total, the average interest rate of free credit concessions for families increased by 0.5 pp in August, accumulating up 6.6 pp in 12 months and reaching 58.4% per year.
In the case of operations with companies, average interest rates in new free credit hires had an increase of 0.2 pp in the month and 4.2 pp in 12 months, reaching 25.2%. In this scenario, the monthly increase of 9.6 pp in the average interest rate of working capital operations within 365 days, which reached 38% per year.
In free credit, banks have autonomy to lend the money captured on the market and set the interest rates charged from customers. Already the directed credit – with rules defined by the government – is primarily intended for the housing, rural, infrastructure and microcredit sectors.
In the case of directed credit, the rate for individuals was 11.1% per year in August, with a 0.2 pp reduction compared to July and an increase of 1.1 pp in 12 months. For companies, the rate had a negative variation of 0.1 pp in the month and up 2.7 pp in 12 months, going to 13.6% per year.
High interest rates
With this, considering free and targeted resources, for families and companies, the average interest rate of concessions in August increased 0.2 pp in the month and 4.2 pp in 12 months, reaching 31.8% per year.
As expected, The discharge of bank interest follows the cycle of elevation of the basic interest rate of the economy, Selic, defined at 15% per year by the BC Monetary Policy Committee (COPOM). Selic is the main instrument used by the Central Bank to control inflation.
By increasing the rate, the BC aims to cool the demand and contain inflation, because the highest interest rates make credit more expensive and stimulate savings, causing people to consume less and prices fall. The next Copom meeting to define Selic will be in November and the forecast is that the rate will be at least 15% per year by the end of 2025.
Similarly, the Bank Spread It had 0.3 pp up in the month and 2.2 pp in 12 months. It measures the difference between the cost of fundraising by banks and the average taxes charged to customers. THE spread It is a margin that covers operating costs, risk of default, taxes and other expenses and thus results in bank profit.
Balance
In August, credit concessions reached R $ 633.8 billion. In seasonally adjusted series, they retreated 0.2% in the month, with a 2.3% reduction in legal operations and an expansion of 1.5% with families.
In 12 months, nominal concessions grew 11.4%, with high 14% in companies and 9.3% with individuals. With this, the stock of all loans granted by the banks of the National Financial System (SFN) was R $ 6.757 trillion, a growth of 0.5% compared to July. This result was due to expansions of 0.2% and 0.7% of credit portfolios to legal entities and families, respectively, whose balances closed the month of R $ 2.547 trillion and R $ 4.209 trillion, in the same order.
Credit expanded to the non -financial sector – which is the credit available to companies, families and governments, regardless of the source (banking, securities market or foreign debt) – reached R $ 19.748 trillion, with an increase of 1.1% in the month, mainly reflecting the increase of 2.8% in debt public securities.
In 12 months, expanded credit grew 11.7%, with advances in debt government bonds (17.0%), SFN loans (9.7%) and private debt securities (17.2%).
Family indebtedness
According to the Central Bank, default – delays over 90 days – registered 3.9% in August, 4.8% in operations for individuals and 2.6% with legal entities.
Family indebtedness – relationship between debt balance and accumulated income in 12 months – was 48.6% in July, a 0.2% reduction in the month and an increase of 0.7% in 12 months. With the exclusion of real estate financing, which takes a considerable amount of income, indebtedness was 30.4% in the seventh month of the year.
Central Bank says default was 3.9% in August, 4.8% in operations for individuals and 2.6% with legal entities.Foto: ANTONIO CRUZ/AGENCY BRAZIL
Income commitment – ratio between the average amount for debt payment and the average income calculated in the period – was 27.9% in July, 0.1% increase in month and 1% in 12 months.
The last two indicators are presented with a higher lag of the month of disclosure, as the Central Bank uses data from the National Home Sample Survey (PNAD), from the Brazilian Institute of Geography and Statistics (IBGE).
