Overview

• The stock of peso loans reached ARS 82.8 trillion at September 30, a real monthly increase of just 0.6% based on BCRA data processed by First Capital Group.
• Personal loans were effectively flat in real terms (+0.2% month over month) as the average nominal annual rate closed near 76.4%, marking the weakest real gain since March.
• Commercial lending posted a third straight real decline (about 1% month over month), with borrowers canceling or not renewing and banks curbing supply as rate uncertainty persisted.
• Mortgages continued to expand strongly (+8.5% real month over month) even as pricing tightened, with spreads rising from roughly UVA+4% a year ago to as high as UVA+12% at some banks.
• Foreign‑currency lending rose to US$18.716 billion (+3% month over month, +149% year over year), while household delinquency remains near a series high of about 5.6–5.7% in the latest BCRA figures.