Vehicle financing through Caixa grows 103%
The volume of vehicle financing granted by the bank in July more than doubled compared to the same month in 2012 and grew 45% compared to June, bucking the trend of decline registered by the market in this segment.
SAO PAULO, Aug 19 (Reuters) - Caixa announced on Monday that the volume of vehicle financing granted by the bank in July grew 103 percent compared to the same month in 2012 and 45 percent compared to June, bucking the trend of decline registered by the market in this segment.
Loan applications for vehicle financing totaled 280 million reais in July, increasing Caixa's portfolio in the first half of the year, which had been 2,7 billion reais.
According to Caixa, the market reduced vehicle financing in July by 16 percent compared to the same period last year.
Following their second-quarter results, the country's two largest private banks, Itaú Unibanco and Bradesco, lowered their outlook for loan portfolio growth in 2013, citing uncertainties about the economic outlook.
Itaú Unibanco ended the first half of the year with a loan portfolio for vehicles, considered riskier than other types of loans such as payroll loans and mortgages, of 45,3 billion reais, a year-on-year decrease of about 20 percent. Bradesco, on the other hand, registered a 9 percent decline, to 29,3 billion reais.
At the state-owned Banco do Brasil, the vehicle financing portfolio grew 12,4 percent on the same basis of comparison, to 35,78 billion reais.
(By Alberto Alerigi Jr.)