Report on Non-Financial Credit Providers

Executive summary

Financing Balance | The financing balance of the PNFCs reached $13.9 trillion in February 2026, after a slowdown in the credit expansion process initiated at the beginning of 2024. Between August 2025 and February 2026, an increase of 2% was observed in real terms, while in year-on-year terms a growth of 22% was accumulated. At the level of supplier groups, the greatest dynamism in terms of portfolio balance was shown by the Fintech group, with a real increase of 11% between August 2025 and February 2026, and 47% year-on-year.

Number of people with financing | It reached around 12.1 million people in February 2026 (+5% compared to August 2025), driven mainly by shared debtors (those who have financing in both PNFC and EEFF) and by the Fintech group, which exceeded 7 million customers.

Debt by Type of Assistance | The average balance for credit card assistance fell 7% in real terms, while that of personal loans increased 1% between August 2025 and February 2026. The Fintech group, associated with the granting of personal loans, exhibited an increase in its portfolio, while Other credit card issuers decreased their financing balances. The rest of the assistance, which includes pledges, document discounts, among others, also contributed to the growth with a 9% real increase in the period, although its share in the total remains a minority.

Average debt per customer | The average financing per debtor (individual) reached $1.1 million in February 2026 and showed a slowdown since the end of 2025, registering a 3% real drop between November 2025 and February 2026.

Interest Rates | The annual nominal interest rates of OPNFCs and ETCNBs were below the levels observed at the end of 2025 in February 2026, reaching 144% and 87%, respectively, for personal loans and credit cards.

Irregularity | The total irregularity of the PNFC portfolio stood at 26.9% in February 2026, 9.7 p.p. above the August 2025 record. At the PNFC group level, all experienced increases in their irregularity rates with the exception of Leasing & Factoring. According to type of assistance, it was lower in credit cards (19.4%) than in personal loans (34.1%).

Comparison of the credit and the number of debtors of the PNFCs with the BSE | The number of PH debtors of the PNFCs represented 85% of the debtors of the financial system in February 2026 (+4 p.p. compared to August 2025). In terms of balances, the financing of the PNFCs represented 18% of PH’s debt with the EEFF as of the same date.

Debt of PNFC customers to financial institutions

Number of debtors and assistance | The number of PHs with financing was 6.9 million in February 2026, growing by 6.8% compared to August 2025. The number of assists totalled 15.1 million (+5.9% in the period analysed).

Balances Due | The total balance of financing of the EEFF to this group of debtors amounted to $36.8 billion in February 2026 (9.2% more than in August 2025). In terms of the type of assistance, the balances for personal loans remained relatively stable in the period analyzed, while the balances of credit card assistance grew by 5.5%.

Average balances | It is noteworthy that since the beginning of 2026 there has been a real drop of 2% in the average balance of financing from the EEFF to customers shared with PNFC.

Irregularity | In February 2026, the irregularity of the PHs owed by the PNFCs with the SF reached 16.1%, 5.2 p.p. higher than that registered in August 2025.

Funding of PNFCs with financial institutions and in the capital market

Funding of the PNFCs with the financial system | The level of financing of the PNFCs with financial institutions reached $2.2 trillion in February 2026, which represents a drop in real terms of 8% in the last six months.

Irregularity of the PNFCs with the ESFFs | The irregular portfolio of the PNFCs with the LFSE remained at low levels in February 2026 (0.12%).

Funding of PNFCs in the capital market | During the second half of 2025 and the first quarter of 2026, the issuance of Financial Trusts (FFs) by the PNFCs continued at high levels, with a maximum of placements in the fourth quarter of 2025. This evolution in placements is consistent with the evolution of the portfolio of the Fintech group, the main issuing group of FF.

In turn, there was a growth in the issuance of Negotiable Obligations (NBs) by the NFPs. Thus, between the second half of 2025 and the first quarter of 2026, a total of 18 placements were registered, of which 10 were in national currency and 8 in US dollars. At the group level, there was some diversity among the issuers of ON, with PNFC issues from Other credit card issuers, Fintech, Cooperatives and mutuals, Leasing & factoring and Rest.