Brazil Credit Stock Up 0.9% in November as Central Bank Lifts 2025–26 Growth Outlook

Overview

• Total credit reached R$ 6.972 trillion in November, up 0.9% on the month, 7.9% year to date, and 9.5% over 12 months, with household balances rising 1.2% and corporate credit up 0.3%.
• The Central Bank raised its projection for credit stock growth to 9.4% in 2025 and 8.6% in 2026, while broader credit to the non-financial sector hit R$ 20.341 trillion, about 160.9% of GDP.
• The average interest rate across credit operations rose to 31.9% a year; market-rate lending averaged 46.7%, reaching 59.4% for individuals and 24.5% for companies, with the total spread at 20.9 points.
• High-cost products stayed extreme, with credit card revolving interest at 440.5% a year and overdrafts at 141.7%, while parcelado credit card interest climbed to 181.2%.
• New credit concessions totaled R$ 637.5 billion in November, down 6.6% from October (seasonally adjusted −1.4%), as household indebtedness stood at 49.3% of annual income, income commitment at 29.4%, and overall delinquency at 3.8%.