06/07/2026 04:45 - Economia
The Argentine credit market is finally breathing fresh air. According to a First Capital Group report based on Central Bank (BCRA) data, in June 2026, the total balance of peso-denominated loans to the private sector reached $103.1 trillion ARS. This marks a nominal growth of 3.6% monthly and 35.6% year-over-year (up from $76.1 trillion ARS the previous year).
To understand these numbers, one must consider Argentina's high inflation context. Adjusting for an estimated inflation of 1.9% monthly and 33.6% annually (based on private projections), this translates to a real increase of 1.7% monthly and 1.3% annually. This marks a positive milestone after five consecutive months of decline.
Commercial operations were the main protagonists, successfully beating inflation. They rose nominally by 6.4% monthly, totaling $34.9 trillion ARS. In real terms, they registered a monthly increase of 4.5%.
Guillermo Barbero, partner at First Capital Group, highlighted: 'Once again, commercial operations were the ones that surpassed the inflation barrier and compensated for the poor performance of portfolios associated with individuals.'
The mortgage segment (including UVA loans, which are inflation-adjusted units) showed outstanding performance. It had a nominal growth of 3.5% monthly and an annual impact of 106.8%, totaling $7.9 trillion ARS. In real terms, the increase was 1.6% monthly and 54.5% annually.
The drop in the indexes that update the monthly installments has generated greater demand for this type of credit, offering new opportunities for Argentine families to access homeownership.
Credit card operations experienced a nominal rebound of 2.6% monthly, reaching a balance of $25.2 trillion ARS. In real values, this represents an increase of 0.6% monthly.
The return of bank promotions and interest-free installments (up to 18 installments) successfully drove the return of consumption, demonstrating a gradual reactivation of the retail market.
With a balance of $6.3 trillion ARS, this line showed a slight real decline of 0.8% monthly. However, there is moderate optimism for the coming months, as longer-term operations with subsidized rates have begun to be offered by major banks.
Despite this encouraging panorama, the context still presents challenges. Delinquency among families hit a new historical record of 12.7% in May, the nineteenth consecutive month of increase. In the corporate segment, delinquency rose to 3.5%. Overall, private sector delinquency climbed from 7.3% to 7.7%.
Given this scenario, financial institutions are focused on recovering their delinquency ratios before aggressively advancing new personal loan offers, which fell 1.0% in real terms during the month, bringing the balance to $21.2 trillion ARS. Nevertheless, the trend change in commercial and mortgage portfolios is a positive indicator that heralds a more stable horizon for the Argentine credit system.
Alfredo S. Quiroga
