Report on Banks

Executive summary

At the beginning of 2026, the financial intermediation of the banks as a whole with the private sector presented a mixed performance: a reduction in the segment in pesos (partly associated with seasonal factors) and an increase in the segment in foreign currency. In this context, the financial system maintained high levels of liquidity, forecasts and capital.

The real balance of credit to the private sector in pesos decreased 1.9% in January, mainly due to the performance of commercial and consumer lines. In a year-on-year comparison, the real balance of financing to the private sector in pesos increased 22.5% in real terms, with generalized increases in all assistance and groups of financial institutions. For its part, the balance of financing to the private sector in foreign currency increased 3.9% in the month – measured in currency of origin – accumulating a growth of 55.8% y.o.y.

The real balance of deposits in pesos of the private sector fell 4.5% in January, a variation associated in part with seasonal factors. Demand accounts declined in the period, while private sector time deposits increased slightly. In year-on-year terms, private sector deposits in pesos increased 3.5% in real terms, driven by the term segment. As for the foreign currency segment, the balance of private sector deposits increased by 2.7% in January – measured in currency of origin – accumulating a growth of 21.8% YoY.

Systemic liquidity ratios increased slightly in January. The indicator that considers only availabilities in pesos increased 0.8 p.p. of deposits in that currency, to 14.1% (+2.3 p.p. y.o.y.). If the public securities used for the integration of minimum cash are included, liquidity in national currency represented 33.7% of deposits in the same denomination in the month, 0.8 p.p. above the end of the previous year (-3.4 p.p. y.o.y.). As for the foreign currency segment, the ratio between liquid assets and deposits registered a monthly increase of 1.1 p.p., reaching 60.7% (-6.1 p.p. y.o.y.).

In January, the balance of financing to the private sector in an irregular situation reached 6.4% of total financing to the sector. The NPL ratio for financing to households reached 10.6%, while the NPL ratio for loans to companies totaled 2.8%.

The financial system has a high coverage ratio with forecasts for both total financing to the private sector (5.7%) and the portfolio in an irregular situation (89.2%).

The financial system maintains a high degree of soundness in the face of credit risk assumed through integrated capital and forecasting levels. The net irregular balance of forecasts in PRC terms was low in January (1.5%), comparing very favorably with a large sample of countries in both emerging and advanced economies (median of 6.5% and 6.6% respectively).

The financial system maintains relatively high levels of regulatory capital. Capital integration (RPC) of all entities reached 29% of risk-weighted assets (RWA) in January (+1.7 p.p. y.o.y.). Regulatory capital represented 47.8% of the balance of financing to the private sector net of forecasts. This value exceeds the average observed in the last ten years (43.9%) and those recorded in other economies in the region (average of 23.4%), indicating a high level of resilience of the system to the risk assumed by the loan portfolio.

In terms of profitability, the financial institutions as a whole started the year with positive results, leading to the accumulated ROA in 12 months reaching 0.7% (ROE of 3.1%), reducing in a year-on-year comparison.