The reduction of interest rates has been accompanied by a widening of the spread or intermediation margin, since the deposit rates of multiple banks fell by approximately 38% in relative terms (they went from 9.63% last May to 5.93% this January), while the reduction in active rates was only 9.3% (they fell from 14.99% to 13.59% in the same period).
In other words, in proportional terms, the fall in passive assets was four times greater than that of the active ones.
Looked at from another angle, the cost of money for banks fell by almost 40%, but the cost of credit for customers fell by less than 10%, which is a significant structural difference.
This is a more marked spread than in the COVID-19 pandemic cycle and than in the 2022-2023 cycle. In that period, the monetary policy rate increased, which led to a rapid increase in active rates and a gradual increase in deposit rates, which widened the spread, although slightly.
The change in the last cycle could be suggesting greater prudence in banking institutions, an adjustment more guided by the market than by directed programs and a possible recomposition towards higher rate segments, such as consumption.
