Brazil Credit Growth Slows Further in November

Brazil’s total stock of outstanding loans rose 1.8% month-on-month to R$7.1 trillion in December 2025, following a 0.9% increase in November. Corporate credit climbed 3.3% to R$2.70 trillion, while lending to households expanded 1.8% to R$4.42 trillion. On a year-on-year basis, the balance of credit operations grew 10.2%, marking a deceleration from 2024, when growth reached 11.5%. The slowdown in 2025 was evident in both segments, with corporate credit rising 8.1% versus 9.9% in 2024, and household lending increasing 11.6% compared with 12.6% a year earlier.

Brazil’s total stock of outstanding loans increased 0.9% month-on-month to R$7.0 trillion in November 2025, matching the pace seen in October. Corporate credit rose 0.3% to R$2.6 trillion, while lending to households expanded 1.2% to R$4.4 trillion. On an annual basis, total credit growth eased to 9.5%, from 10.2% in the previous month. Credit to companies also continued to decelerate, rising 7.0% year-on-year compared with 8.4% in October. Household credit growth slowed slightly as well, increasing 11.1% versus 11.3% previously.

Brazil’s total stock of outstanding loans rose 0.9% month-over-month to R$6.9 trillion in October 2025, after a 1.1% increase in September. Corporate credit grew 0.3% to R$2.6 trillion, while household lending advanced 1.3% to R$4.3 trillion. On a 12-month basis, overall credit advanced 10.2%, the same as in the previous month. Year-on-year, credit to companies slowed slightly to 8.4% from 8.7% in September, whereas household credit accelerated to 11.3% from 11.2%.