Direct credit (banks and financial institutions) grew at levels close to 8.5% annually in the second quarter of 2026, above the 7.0% recorded in the first quarter of 2026 and registering the highest growth since early 2021, reported Scotiabank.
“Credit maintains a positive trend, but with a slight slowdown in corporate credit. Its growth is in line with the dynamism of economic activity which recorded an expansion of 3.2% between January and May,” the report explained.
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On the other hand, corporate credit grew around 7.0% annually, maintaining the average growth rate despite a slight slowdown in June, and personal credit accelerated to levels close to 10.0% annually, consolidating robust growth.
Corporate credit continued to grow at a good pace, but showing a slight slowdown in annual terms, which would have been in line with the evolution of private investment, which is estimated to have grown around 10% during the second quarter of 2026, according to Scotiabank estimates, after having expanded 13.2% during the first quarter of 2026.
In June, a lower credit flow was recorded compared to May, but still positive. Most portfolios showed a slowdown, highlighting corporate and medium-sized business credit.
In contrast, credits to small and microenterprises showed better performance compared to the first quarter of 2026. In small business credit, growth remained around 12.5% in the second quarter of 2026, and has been recording growth above 10% since the beginning of the year. On the microenterprise side, the portfolio is still in negative territory, but a recovery has been observed in recent months, going from -13.1% in March to -10.6% in June.
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Personal credit showed a good expansion rate, growing close to 10.0%, in annual terms. A consolidation of the upward trend was observed, also registering good dynamism in flows. Mortgage credit remains solid, growing around 7.5% annually and showing flows in the second quarter of 2026 above the first quarter, in line with the higher sale of new homes, which recorded a growth of 26% during the first half of 2026.
Consumer credit registered growth above 12.0% annually in the second quarter of 2026, above the figure for the first quarter (8.3%), driven by the dynamism of private consumption which is estimated to have recorded similar growth as in the first quarter of 2026 (3.5%). Likewise, an increase in flows was observed in the second quarter, close to levels seen in March 2022, which would be related to the positive evolution of formal employment and low delinquency levels.
Finally, Scotiabank believes that direct credit will continue to show good dynamism thanks to the improvement in business expectations with the new government and despite adverse climatic factors associated with the El Niño phenomenon. “By the end of 2026, we project direct credit growth around 8.0%. Thus, we expect corporate credit to remain around 7.0%, but with greater dynamism in the microenterprise segment by the end of the period. Likewise, we expect the positive evolution of domestic demand to continue and drive personal credit growth around 9.0%.”
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